Using scrap silicon as its feedstock, a New Orleans-based company called Advano has raised $18.5 million to manufacture battery components to enable more powerful, smaller and longer-lasting batteries.
The technology was innovative enough to earn the Louisiana-based startup a place in Y Combinator’s famed accelerator and has now attracted the attention of Mitsui Kinzoku, which is investing in the company as a strategic partner, and Tony Fadell, the famous product designer known as “the father of the iPod” and the founder of the smart thermostat company, Nest.
Alongside Mitsui’s SBI Material Innovation Fund, Fadell’s investment firm Future Shape, along with PeopleFund, Thiel Capital, Data Collective and Y Combinator, are investing $18.5 million in new financing to develop Advanos manufacturing capacity and take its silicon anode material to market.
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