ACT-ion Battery Technologies, a startup in the field of lithium ion battery cathode active materials (CAM), announced the successful closing of its Pre-Series A funding round. Founded in 2019, ACT-ion has developed both an efficient and cost-effective means to produce single crystalline cathode active materials.

The USD 7.5 million round was led by BASF Venture Capital, with participation from Hunt Energy Enterprises, Mirae Asset Capital, Arosa Capital Management, and LG Technology Ventures. ACT-ion will use the proceeds to accelerate its innovative CAM production technology, aiming to establish an operational pilot facility by 2025, with validations from leading industry partners.