Sila Nano Hauls In $590 Million To Make Materials For Better Electric Car Batteries

Sila Nanotechnologies, a Silicon Valley battery materials company cofounded and led by a former Tesla engineer, raised an additional $590 million for the production of its silicon-based anodes that improve the efficiency of batteries for electric vehicles and consumer electronics.

The Series F round was led by Coatue Management and boosts Sila Nano’s valuation to an estimated $3.3 billion, the Alameda, California-based company said. It also boosts total funding to date for the Daimler-backed tech firm to about $934 million. Sila Nano, which is also working with BMW and ATL, plans to use the new funds to set up a North American plant that will open in 2024 and produce anode materials for 100 GWh of batteries annually.