money moves
Houston-based battery innovators receive $4M in federal funding
Houston-based Zeta Energy announced this week that it was selected to receive $4 million in federal funding for the development of efficient electric vehicle batteries.
The funds come from the U.S. Department of Energy's ARPA-E Electric Vehicles for American Low-Carbon Living, or EVs4ALL, program, which aims to increase the number of EVs on the roads by boosting the country’s supply chain of affordable, convenient, reliable and safe batteries.
Zeta Energy is one of 12 groups in the U.S. to receive funding from the program, which awarded $42 million in total.
“Electric vehicle sales in America have tripled since the start of this Administration and by addressing battery efficiency, resiliency and affordability, the projects announced today will make EVs attractive to even more drivers,” U.S. Secretary of Energy Jennifer M. Granholm said in a statement released in January. “This is a win-win for our efforts to fight climate change and power America’s clean transportation future with technologies produced by researchers and scientists right here at home.”
Other teams to receive funding include 24M Technologies, national laboratories and universities like The Ohio State University, University of Maryland, Virginia Tech, among others. Zeta is the only Texas-based company to receive funds. It received one of the largest grants among the group.
"We are thrilled to have been selected for funding by the ARPA-E EVs4ALL program," Zeta Energy CEO Tom Pilette said in a statement. "We have been working hard to make this technology a reality, and we are really grateful to receive this recognition of the promise of our technology and the progress we have made on it."
Zeta Energy is known for its lithium sulfur batteries that traditionally have not been long lasting. While sulfur is an economical and abundant material, it traditionally would dissolve after a few uses in lithium sulfur batteries.
However, Zeta uses its proprietary sulfur-based cathodes and lithium metal anodes that have shown to have higher capacity and density and better safety profiles, according to the company's website.
According to ARPAE, the company will create a new anode that will "be highly accessible and rechargeable" with the funding.
Zeta Energy closed a $23 million series A round led by New York VC firm Moore Strategic Ventures about a year ago. In addition to applications for electric vehicles, the company's technology is also expected to have uses in grid energy storage.
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This article originally ran on InnovationMap.