Safire Group Raises $8 Million in New Financing to Deliver Lithium-ion Battery Safety Technology to Government, Automotive Markets - PR Newswire APAC
Summary
This Pre-Series A priced round of financing brings total funding to $11 million and fuels continued development of the companys Safe, Impact-Resistant Electrolyte (SAFIRE) technology to transform the safety benchmarks of Lithium-ion (Li-ion) batteries across government and automotive industries. "We are grateful to have a highly regarded, deeply experienced, and values-aligned investor in Canaan, and we are eager to continue building Safire Group together," said Mike Grubbs. Safire Groups commitment to redefining how these batteries are used in mobility and government applications promises to unlock unprecedented opportunities on a global scale. "SAFIRE is the worlds only patented and proprietary drop-in additive for Li-ion batteries that prevents fires through an instantaneous liquid to solid transformation upon kinetic impact, such as an electric vehicle (EV) crash or ballistic event. During an impact, Safire Groups shear thickening electrolyte technology enables the battery to resist deformation and prevents a short circuit providing EV makers with lightweight crash protection and enabling Li-ion batteries to be used in novel ways.Invented after nearly a decade of research and development by the U.S. Department of Energys Oak Ridge National Laboratory (ORNL), SAFIRE is currently being deployed by the company in four distinct use cases across broad domains: a ruggedized electric motorcycle, a rapidly deployable sensor tower, an unmanned ground vehicle, and multifunctional body armor.