Advanced material specialist 6K has raised $82 million in a new Series E funding round. This insider-led investment was headed by Anzu Partners, Energy Impact Partners, LaunchCapital, Material Impact, and Volta Energy Technologies.
The new capital will be used to scale up production for battery cathode active materials (CAM) and to expand the processing of 3D printable metal powders. It represents the first close of the Series E funding round, with the second close expected in the late fall.
6K has also announced that Dr Aaron Bent has left his position as company CEO. Bent handed the reins to 6K COO Dr Saurabh Ullal, who immediately assumed the role.
Additionally, LaunchCapital’s Chief Investment Officer Bill McCullen has been appointed Chairman of the Board. Volta’s CEO Dr Jeff Chamberlain and Beda Bolzenius, a veteran of the automotive industry, have also joined as new 6K board members.
“Thanks to Aaron, 6K is well positioned today as a leader for sustainable, critical material production for lithium-ion batteries and additive manufacturing,” commented McCullen. “Saurabh’s expertise in technology and operations ensures the company’s scaling strategy while meeting the material specifications and reliability levels customers demand.”
He added that the $82 million raised “underscores the confidence investors have in 6K, the UniMelt platform, and the leadership team.”
New funding and senior personnel changes at 6K
According to Ullal, the new funding will allow 6K to achieve full production for its Inflation Reduction Act (IRA)-compliant lithium-ion battery CAM materials.
These will be produced at the company’s PlusCAM battery material plant, currently under construction in Jackson, TN, using the company’s proprietary UniMelt microwave plasma technology.
The PlusCAM facility will reportedly be the world’s first plasma cathode plant, providing low-cost and sustainable production of battery material. Designed to localize battery supply chains within the US, the plant is set to be the first in a series of multi-chemistry production sites operated by 6K.
The new production plants will add to 6K Energy’s existing Battery Center of Excellence, a 33,000 sq ft facility working to develop the next generation of sustainable battery production.
The Center can produce up to one tonne of CAM per month to support multiple customer qualifications. Additionally, it develops energy density and single-crystal cathode, solid-state electrolyte materials, and Silicon Anode materials.
6K claims that its new board members will bring a “wealth of real-world expertise” to help the firm expand its production capabilities.
Bolzenius possesses over 30 years of experience in leadership roles across the automotive industry in Germany, the United States, Mexico, South Africa, China, and Japan. Here he has reportedly developed strong experience in engineering, manufacturing, logistics, and supply chain management.
Notably, Bolzenius previously served as CEO of Japanese automotive manufacturer Marelli. He has also held leadership positions at leading companies such as Bosch and Johnson Controls. 6K believes he will bring “invaluable corporate and operational expertise and automotive industry insights to his role on the board.”
Chamberlain is the current CEO of Volta Energy Technologies, a venture capital firm launched out of Argonne National Laboratory. He possesses experience in product R&D and success in energy, integrated circuits, and water treatment technology.
What’s more, Chamberlain led a collaboration with the US Department of Energy to successfully transfer advanced battery technology from Argonne to several leading organizations. These included LG Chem, BASF, General Motors, Toda Kogyo, and General Electric. 6K believes Chamberlain “will bring a unique and diverse perspective to the company.”
Funding fuels additive manufacturing scalability
6K is the latest company to raise funds in support of its scaling efforts.
Earlier this year, Canadian 3D printing powder developer Equispheres secured an initial close on its Series B financing round, raising approximately CAD 20 million. The company hopes that this capital will allow it to achieve its goal of making metal powders “the largest part of the value chain.”
Metal 3D printer manufacturer Mantle recently raised $20 million in a Series C funding round, bringing its total funding to over $61.5 million. Equispheres is working to increase its share of the aluminum casting market, which has an annual valuation of approximately $100 billion.
Mantle will use this capital to support its rapid market expansion, scaling manufacturing to meet growing market demand and developing new capabilities and materials.
The Series C round was led by Boston-based private investment firm Schooner Capital and included participation from existing investors 11.2 Capital, Build Collective, Corazon Capital, Fine Structure Ventures, and Foundation Capital.
Elsewhere, German additive manufacturing technology company Quantica announced an increase in its Series A funding, bringing the total to €19.7 million. This was headed by British private equity and venture capital firm West Hill Capital. The new funding will be leveraged to expand the reach of the company’s two flagship ultra-high viscosity 3D printers, the NovoJet OPEN and the NovoJet JetPack.
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Featured image shows 6K’s Battery Center of Excellence in North Andover, MA. Photo via 6K.
