Holyvolt raises $45M to develop China-free battery materials

Stockholm-based battery-materials startup Holyvolt raised $45 million in an all-equity round from Fifth Wall, Zone II, CC.VC and angel investors from the defense and finance industries. A person familiar with the company said the round values Holyvolt at $245 million. Holyvolt is developing battery chemistries outside China's control, aiming to commercialize its DRX material in 2027, starting with drones before moving into mobility. CEO Prast said the company is open to licensing, toll manufacturing or joint ventures, and would leave industrial scale to partners. The push comes as Section 154 of the fiscal 2024 defense authorization act, effective Oct. 1, 2027, bars the Pentagon from buying batteries from CATL, BYD and four other named Chinese manufacturers.

AI-generated from reports · 2 days agoUpdate