As it pushes to electrify its fleet, German automaker Daimler AG has invested in a startup that says it can boost battery performance by at least 20%.
Daimler led a $170 million financing round for Sila Nanotechnologies Inc., a San Francisco Bay Area startup that makes silicon-based anode materials for lithium-ion batteries, according to a statement on April 16.
The startup has raised $295 million to date.
Daimler, which expects electric models to make up at least 15% of Mercedes-Benz sales by 2025, will take a seat on Sila’s board.
Sila also announced that former General Electric Co. CEO Jeff Immelt will join the board.
“Advancements in lithium-ion batteries have become increasingly limited, and we are fighting for incremental improvements,” Immelt said in the statement.
By David R. Baker