The financing was Co-led by Transition VC and Ritz Venture Capital and joined by new investor Union Square Ventures and existing investor Foothill Ventures. The investment will accelerate and scale-up UNIGRID's battery production to fulfill MWh-scale customer orders in the electric mobility and stationary storage markets.

UNIGRID Battery, a University of California, San Diego spin-off company, was founded in 2021 from the groundbreaking Ph.D. research work by Dr. Darren H. S. Tan and Dr. Erik A. Wu, who were both advised by Prof. Zheng Chen and Prof. Shirley Meng, prominent figures in the battery field. The company develops advanced sodium-ion batteries to power emerging energy storage and electric mobility applications.