Fubon Financial Holding, a Taiwan-based financial services business led by the Tsai family, has led a $64 million investment round in U.S. battery maker Nanotech Energy.
The U.S-based graphene materials supplier and graphene-enhanced batteries developer, Nanotech Energy, will use the new Series D funding to build a graphene battery manufacturing facility in Reno, Nevada and open an European headquarters in Amsterdam. The Reno facility is reportedly due to open in the second half of 2022. Nanotech Energy also plans to increase capacity in its current Chico, California factory for graphene itself, graphene-based conductive inks, adhesives, shielding and silver nanowires.
Others involved in the investment round weren’t disclosed. Nanotech Energy’s post-Series D valuation is $550 million, and the new capital brings its total amount of money raised to $94.9 million.
"We believe Nanotech Energy's proprietary, nonflammable graphene batteries have a clear path to widespread adoption and global scalability," said Fubon Financial Group Chairman Richard Tsai. "We are excited to play a role in helping Nanotech Energy transform the future of battery technology and energy storage.”
"We've spent more than seven years diligently creating new materials to improve battery storage capacity and safety and are now moving into a new phase of production at industry-level scale," said Nanotech Energy CEO and co-founder Jack Kavanaugh in a statement. "We're pleased to have an investor like Fubon, who recognizes the incredible opportunities presented by graphene, embraces science and shares our vision''.