Shift to Electric Vehicles Spurs Bid to Make More Batteries in U.S.
Sila Nanotechnologies, a Silicon Valley startup, is among the latest to attract Wall Street backing as supply-chain investors see enthusiasm for electric vehicles
The auto industry’s quickening shift to electric cars is spurring investment in another emerging industry in the U.S.: manufacturing lithium-ion batteries for those vehicles.
China currently dominates the market for producing electric-vehicle batteries. But as auto makers spend billions to build more plug-in models in the U.S., investors are increasing their bets on firms looking to expand the supply chain for batteries and related materials in North America—a region that has long relied on imports for such components.
Sila Nanotechnologies Inc., a Silicon Valley startup that makes silicon anode materials used in batteries, is among the latest to attract Wall Street backing. The company plans to announce Tuesday that it has raised $590 million in new funding, Chief Executive Gene Berdichevsky told The Wall Street Journal.