NOHMs Technologies, Inc. (NOHMs) raised Series B venture capital financing to commercialize non-flammable electric vehicle (EV) battery technology, with potential to reduce the incidence of electric vehicle battery fires.
"NanoLyte™ Electrolyte contains ionic liquids, which are non-flammable. By engineering the molecular structure, we can create electrolytes that are abuse tolerant without sacrificing the power or battery life," says Dr. Surya Moganty, CTO at NOHMs and inventor of the technology.
Phoenix Venture Partners II LP (PVP) led the round with Solvay, New York State Innovation Venture Capital Fund (NYSIVCF), and angel investors.
"We chose to partner with PVP because their fund managers understand and support our business model, which is to build partnerships with automakers, battery, and chemical manufacturers," said Nathan Ball, co-founder and CEO at NOHMs.
"The partnership with Solvay and PVP is timely because it comes during a period of rising global consumer demand for safer, more energy dense rechargeable lithium ion batteries," says Lynden Archer, a James A. Friend Family Distinguished Professor of Engineering at Cornell University and Co-founder at NOHMs.
"PVP has been active in the energy storage space for a long time. In this space, many companies come and go while making bold claims. With the broader market for EVs growing rapidly, we see tremendous potential for NOHMs' new class of ionic liquid based electrolytes to deliver on the demands by the EV market for higher performing and safer electrolytes. We are delighted to welcome NOHMs into the PVP family of companies and look forward to working closely with the team," said Dr. Nobi Kambe of Phoenix Venture Partners, who along with fellow partner Dr. John Chen, will both be joining NOHMS' Board of Directors.
"We are keen to support the development of NOHMs electrolyte platform. Their chemistries have the potential to address the most pressing challenges for the mass development of advanced Li-ion batteries. This investment perfectly fits with Solvay's interest in developing its competencies in energy storage and with its strategy to promote cleaner mobility solutions," said Stéphane Roussel, Managing Director of Solvay Ventures, part of Solvay, a Belgian multinational chemical company.