Colorado is developing a strong reputation for battery startups, and Volkswagen's recent investment in Louisville, Colorado-based Forge Nano further cements that status.
Volkswagen recently announced a $10 million investment in Forge Nano to advance the startup's research into battery coating materials aimed at improving performance.
The duo has been working together since 2014, as Volkswagen makes a push toward electric vehicles. The company has cooperated with strategic battery cell suppliers and made targeted investments to bring innovative technologies closer to production maturity.
By 2025, Volkswagen intends to offer more than 50 battery-electric models, accounting for about a fifth of its entire model portfolio.
“At Volkswagen, we want to be the world’s leading provider of e-mobility. We are continually expanding the battery technology know-how required for this purpose. We need to safeguard our technological competence for the future. Cooperation with start-ups is a key element in these efforts. We are acting as a partner to Forge Nano and intend to provide the team with opportunities to carry out industrial trials with its innovative technology,” Dr. Axel Heinrich, head of Volkswagen Group Research, said in a statement.
Forge is developing processes for scaling atomic layer deposition to create new core-shell materials, especially for battery applications. With its specific ALD technology, Forge Nano aims to boost energy density of vehicle battery cells, allowing for longer battery life in electric vehicles.
“Our atomically precise surface engineering technology is ushering in a new era of high performance materials. We are excited to partner with a company that has such a strong commitment to commercializing innovation,” Dr. Paul Lichty, founder and CEO of Forge Nano, said in a statement.
This is the second major funding round raised by a Colorado battery startup in the last six months.
In September, Louisville's Solid Power raised a $20 million Series A from Hyundai CRADLE, Samsung Venture Investment Corp., Sanoh Industrial Co., Solvay Ventures and A123 Systems.
The startup has a working prototype of an all-solid-state, rechargeable, lithium-metal battery and the company aims to displace lithium-ion as the battery of choice for high-performance, mobile-power applications.
It's clear, battery innovation is booming in Louisville, Colorado.
