CHICAGO, May 16, 2024
/PRNewswire/ -- Bedrock Materials, a pioneering battery technology
startup launched out of Stanford
University in 2023, today announced a successful close of
$9 million in seed funding alongside
the inauguration of its new Research & Development (R&D)
headquarters in Chicago,
Illinois.
"I'm thrilled to welcome Bedrock Materials
to our great state," said Illinois
Governor JB Pritzker.
"On behalf of Chicago's
residents and businesses, I extend a sincere welcome and
congratulations to Bedrock Materials for choosing our city as the
location for its Research & Development headquarters," said
Mayor Brandon Johnson. "This
decision reflects the strength of Chicago's talent pool, our esteemed research
and academic institutions, and the vibrant tech ecosystem emerging
here. We look forward to the positive impact Bedrock Materials will
have on our city's growing tech sector."
Bedrock Materials specializes in producing essential materials
for low-cost, eco-friendly sodium-ion batteries. These batteries
are seen as a next-generation alternative to lithium-ion versions,
utilizing affordable, widely available materials. Last month, the
company began R&D scale production of battery precursor
materials at its facility in Near West Chicago. Plans are underway
to open a larger, permanent site later this year.
Concurrent with this strategic move, Bedrock Materials also
secured an incentives package from the Illinois state government under the
Reimagining Electric Vehicles in Illinois Act, contingent upon
achieving specific job creation and capital investment targets.
"Illinois is home to one of the
most robust EV ecosystems in the nation, and I'm thrilled to
welcome Bedrock Materials to our great state," said Governor JB
Pritzker. "Their research and development headquarters will join
our growing EV supply chain, bringing innovation and job creation
to our EV economy."
The company's decision to locate in Chicago was driven in large part by the
abundance of strong materials science research institutions in the
area, including Northwestern
University, University of
Chicago, University of Illinois,
and Illinois Institute of Technology.
Moreover, Argonne National Laboratory, in Lemont, Illinois, is a key leader in the
development of sodium-ion batteries.
"The choice to come to Chicago
was an easy one. There is arguably one active laboratory in America
that has produced a successful automotive battery chemistry, and
it's here" said Spencer Gore, CEO of
Bedrock Materials, "Argonne National Laboratory wrote the book on
modern sodium-ion technology. Today, pulling on the deep regional
talent pool they have built, we are excited to perfect and scale
it."
Professor Shirley Meng of the
University of Chicago commented, "It is
truly exciting that the State of
Illinois can attract startup companies like Bedrock
Materials to be part of the clean tech community. The innovation
ecosystem is growing, and we look forward to collaborating with and
supporting startups." Professor Meng is also the Chief Scientist of
the Argonne Collaborative Center for Energy Storage Science.
The $9 million financing round was
led by Trucks Venture Capital, Refactor Capital, and Version One
Ventures. Additional investment was provided by Hanover Technology
Investment Management, SpaceCadet Ventures, Brainstorm Capital,
Evergreen Climate Innovations, Expansion VC, Climate Capital, Quest
Venture Partners, Meliorate Partners, Valia Ventures, Ritual
Capital, and several individual angel investors with strong ties to
the electric vehicle and battery industries.
Founded in 2023 by Rafael Vila,
CTO and a distinguished battery scientist from Stanford University, and CEO Spencer Gore, a seasoned battery industrialist
with experience at Tesla and Enovix, Bedrock Materials boasts a
management and advisory team composed of current and former
executives from Tesla, Volkswagen, General Motors, Samsung,
Panasonic, QuantumScape, Sila Nanotechnologies, Enovix, and
Apple.
About Bedrock Materials
Bedrock Materials is a battery technology startup that
manufactures critical input materials for sodium-ion batteries,
which promise to offer a cost-effective and environmentally
sustainable alternative to traditional lithium-ion batteries. The
company aims to leverage the rich resources and strategic
positioning of Chicago to lead the
next wave of battery technology innovation.
For additional information, please contact:
hello@bedrock.inc
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SOURCE Bedrock Materials, Inc.