Chicago-based battery technology company SiNode Systems is using a new $4.5 million investment from Tokyo-based chemical company JNC to rebrand its company in a joint venture with the investor.
SiNode is now calling itself NanoGraf Corp., and is using JNC's tech and resources to help it commercialize its Lithium-ion battery tech, the companies announced Monday.
NanoGraf, which will continue to be based in Chicago, makes a battery technology that was initially developed at Northwestern University. The startup’s battery tech utilizes a composite of silicon and graphene in a layered structure to create higher cell level energy density and faster charging in lithium ion batteries.
NanoGraf says its products will enhance battery energy and power density by up to 50 percent. As part of the new deal with JNC, NanoGraf will use the funding to set up production facilities in Japan, expanding the company’s distribution channels and global footprint, said NanoGraf co-founder and CEO Samir Mayekar in a statement to Chicago Inno.
“Our new company, NanoGraf Corporation, embodies our vision to create materials solutions that will change the battery industry,” Mayekar said. “Thanks to our partnership with JNC Corporation, we are well-positioned for accelerated growth as we commercialize our graphene-wrapping technology for a range of applications, from consumer electronics to electric vehicles. With our new ton-scale facility we can deliver larger volumes of material to our growing customer base.”
JNC develops liquid crystals, electronic components, silicon products and aroma chemicals, among other things.
“We believe NanoGraf’s technology has great potential to benefit the battery market, and we appreciate this opportunity for collaboration,” said JNC’s President and CEO Yasuyuki Gotoh in a statement. “We look forward to growing NanoGraf into the leading global supplier of silicon anode materials.”
Originally founded in 2012, SiNode has been one of the most promising energy startups in Chicago. In 2016, the company received a $4 million contract with the United States Advanced Battery Consortium (USABC)—made up of Ford, GM and Fiat-Chrysler—to make batteries for electric cars.
NanoGraf currently employs 20 people, 15 of which are in Chicago. The other five are in based in Japan and China. Meyekar said the company has now raised $10 million in total funding.
