Material technology company 6K has successfully secured $82 million during its Series E funding round. This round, primarily led by insiders, saw significant contributions from investment entities such as Anzu Partners, Energy Impact Partners, LaunchCapital, Material Impact, and Volta Energy Technologies.
The funds are earmarked for ramping up production capabilities concerning battery cathode active materials (CAM) and enhancing the production of 3D printable metal powders. This funding marks the initial close of the Series E round, with an anticipation of a second close later in the year.
It was also disclosed that Dr Aaron Bent has relinquished his CEO role at 6K, passing leadership to former COO Dr Saurabh Ullal, who has now taken over.
In leadership updates, LaunchCapital’s Chief Investment Officer Bill McCullen has taken over as Chairman of the Board. New board members have also been introduced, including Volta’s CEO Dr Jeff Chamberlain and automotive industry veteran Beda Bolzenius.
“Thanks to Aaron, 6K is well positioned today as a leader for sustainable, critical material production for lithium-ion batteries and additive manufacturing,” commented McCullen. “Saurabh’s expertise in technology and operations ensures the company’s scaling strategy while meeting the material specifications and reliability levels customers demand.”
He added that the $82 million raised “underscores the confidence investors have in 6K, the UniMelt platform, and the leadership team.”
New funding and senior personnel changes at 6K
According to Ullal, the new funding will allow 6K to achieve full production for its Inflation Reduction Act (IRA)-compliant lithium-ion battery CAM materials. These will be produced at the company’s PlusCAM battery material plant, currently under construction in Jackson, TN, using the company’s proprietary UniMelt microwave plasma technology.
The PlusCAM facility will reportedly be the world’s first plasma cathode plant, providing low-cost and sustainable production of battery material. Designed to localize battery supply chains within the US, the plant is set to be the first in a series of multi-chemistry production sites operated by 6K.
The new production plants will add to 6K Energy’s existing Battery Center of Excellence, a 33,000 sq ft facility working to develop the next generation of sustainable battery production.
The Center has the capacity to produce up to one ton of CAM monthly, meeting the needs for multiple client validations. It also focuses on the development of high energy density materials, single-crystal cathode materials, solid-state electrolytes, and silicon anode materials.
6K has announced that its new board members will contribute a “wealth of real-world expertise,” which is crucial for enhancing the company’s production capacities.
Bolzenius brings over three decades of leadership experience spanning various sectors within the automotive industry, including engineering, manufacturing, logistics, and supply chain management, with tenure in Germany, the USA, Mexico, South Africa, China, and Japan.
Significantly, Bolzenius’s former role was as CEO of the Japanese automotive firm Marelli. His rich background also includes significant positions at prominent entities such as Bosch and Johnson Controls. 6K is confident that his extensive corporate and operational experience and deep understanding of the automotive industry will be extremely beneficial in his new role on the board.
Chamberlain is the current CEO of Volta Energy Technologies, a venture capital firm launched out of Argonne National Laboratory. He brings extensive experience in product R&D and has achieved noteworthy success in sectors such as energy, integrated circuits, and water treatment technology.
Moreover, Chamberlain has previously spearheaded a collaboration with the US Department of Energy, enabling the transfer of cutting-edge battery technology from Argonne to various prominent organizations like LG Chem, BASF, General Motors, Toda Kogyo, and General Electric. His diverse background is seen as highly beneficial to 6K, promising to bring a unique and diverse perspective to the company.
Funding fuels additive manufacturing scalability
6K is the latest company to raise funds in support of its scaling efforts.
Earlier this year, Canadian 3D printing powder developer Equispheres secured an initial close on its Series B financing round, raising approximately CAD 20 million. The company hopes that this capital will allow it to achieve its goal of making metal powders “the largest part of the value chain.”
Metal 3D printer manufacturer Mantle recently raised $20 million in a Series C funding round, bringing its total funding to over $61.5 million. Equispheres is working to increase its share of the aluminum casting market, which has an annual valuation of approximately $100 billion.
Mantle will use this capital to support its rapid market expansion, scaling manufacturing to meet growing market demand and developing new capabilities and materials.
The Series C round was led by Boston-based private investment firm Schooner Capital and included participation from existing investors 11.2 Capital, Build Collective, Corazon Capital, Fine Structure Ventures, and Foundation Capital.
Read More: 6K Secures $82 Million to Strengthen US Battery Supply Chains - 3D Printing News