Bedrock Materials, a Silicon Valley battery technology startup, said it’s moving its research and development headquarters to Chicago's Fulton Market after raising $9 million in seed funding.
The company, launched out of Stanford last year, produces essential materials for low-cost, eco-friendly sodium-ion batteries — a next-generation alternative to lithium-ion batteries.
Bedrock started R&D scale production last month out of mHub, which recently opened a new 80,000-square-foot innovation center at 1623 W. Fulton St. on the Near West Side. The company plans to open a larger, permanent site later this year.
The company's move was facilitated by Reimagining Energy and Vehicles incentives from the Illinois Department of Commerce and Economic Opportunity after committing to investing $2.5 million and adding at least 25 jobs. According to the tax credit agreement, the investment "will be for equipment purchases for a wet lab and lease of a manufacturing facility of at least 15,000 square feet by December 31, 2028."
Bedrock said its decision to brings its R&D facility to Chicago was driven by the materials science research institutions in the area, including Northwestern University, University of Chicago, University of Illinois and Illinois Institute of Technology.
"The choice to come to Chicago was an easy one," said co-founder and CEO Spencer Gore, a graduate of Naperville North High School and the University of Illinois Urbana-Champaign, in a statement. "There is arguably one active laboratory in America that has produced a successful automotive battery chemistry, and it's here. Argonne National Laboratory wrote the book on modern sodium-ion technology. Today, pulling on the deep regional talent pool they have built, we are excited to perfect and scale it."
"I'm thrilled to welcome Bedrock Materials to our great state," added Gov. JB Pritzker. "Their research and development headquarters will join our growing [electric vehicle] supply chain, bringing innovation and job creation to our EV economy."
The $9 million in financing was led by Trucks Venture Capital, Refactor Capital and Version One Ventures, with additional investments from Hanover Technology Investment Management, SpaceCadet Ventures, Brainstorm Capital, Evergreen Climate Innovations, Expansion VC, Climate Capital, Quest Venture Partners, Meliorate Partners, Valia Ventures, Ritual Capital and several individual angel investors in the electric vehicle and battery industries.
