Seeo, a company developing new generation lithium polymer batteries, announced that it closed its largest-to-date funding round of $17 million.
Among the investors appearing is Samsung Ventures Investment Corporation, which is the venture arm of Samsung. Since Samsung already is in the lithium-ion battery business, Seeo's developments must show some potential.
Hal Zarem, President and CEO of Seeo state:
"We appreciate the confidence Samsung Ventures has expressed in our technology and team with this investment. Samsung Ventures is a sophisticated investor with deep experience and a track-record of success in the space. Their engagement with Seeo will strengthen our ability to deliver the next generation of advanced batteries to a market eager for breakthrough capabilities."
Seeo itself set a target of 400 Wh/kg on the cell level and, taking into consideration that 350 Wh/kg was already achieved by Seeo, the battery maker is close to hitting its target.
Here is the description of Seeo’s DryLyte - solid polymer electrolyte:
"Seeo DryLyte™ Advanced Lithium Polymer Batteries
Seeo’s DryLyte electrolyte enables breakthroughs in energy density, which is a key enabler to increasing the range of electric vehicles (EVs). Currently, Seeo has cells cycling with an energy density of 350 Wh/kg, with a future target of 400 Wh/kg, roughly twice the level of batteries used in today’s EVs.
Seeo enables the production of safer batteries by replacing the flammable liquid electrolytes of conventional lithium-ion cells with Seeo’s DryLyte solid polymer electrolyte that is non-flammable and non-volatile. These enhanced safety characteristics, combined with exceptionally high energy density, represent a breakthrough for next-generation battery applications."