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Charged EVs | American Battery Manufacturing unit raises capital to develop LFP battery gigafactory in Arizona


American Battery Manufacturing unit (ABF), a battery producer that plans to construct a community of lithium iron phosphate (LFP) battery cell gigafactories within the US, has raised important growth capital in Collection A funding. ABF will use the funds to safe manufacturing tools and safety expertise wanted for the primary growth section of its lately introduced gigafactory in Tucson, Arizona.

Different traders within the Collection A spherical embody hybrid manufacturing associate FNA Group, Lion Power, and an unnamed battery-cell tools manufacturing firm.

“Our imaginative and prescient is to assist the US quickly electrify, and power storage is the one resolution that makes this attainable,” stated Jim Ge, CEO of American Battery Manufacturing unit. “The primary main step on this journey would be the development in Arizona of the most important US gigafactory for producing lithium iron phosphate (LFP) battery cells, and preliminary growth will likely be funded by this Collection A spherical. We anticipate delivering our first battery cells throughout the subsequent 18 months.”

Investor Lion Power, a developer and producer of power storage merchandise, incubated ABF for 18 months earlier than unveiling the corporate to the general public in March 2022. ABF entered into an offtake settlement with Lion Power in Might 2022 to ship 18 GWh of LFP battery cells, starting with high-capacity prismatic cells providing 105 to 300 Ah outputs. These are designed for a spread of Lion Power options, together with moveable photo voltaic turbines and battery-based power storage techniques.

“We are able to’t transfer to a completely inexperienced power economic system with out high-quality lithium batteries,” stated Frank Davis, CEO of Lion Power. “As one of many fastest-growing pack integrators, Lion Power is happy to assist expedite ABF’s manufacturing of the most secure, longest-lasting, most dependable and eco-friendly batteries presently accessible.”

Investor FNA Group is a hybrid manufacturing associate that can present its expertise to ABF’s battery cell manufacturing. Fashioned in 1988, FNA Group is a vertically built-in energy tools producer with a worldwide presence throughout the US, China, Italy and Australia.

“Our focus is to convey our whole provide chain to North America, and that is now attainable via American Battery Manufacturing unit,” stated Gus Alexander, CEO of FNA Group. “Our world plan is to impress all our subsequent technology of merchandise by utilizing ABF battery cells.”

Supply: American Battery Manufacturing unit

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