Skip navigation
Daimler Places Bet on Next-Generation Battery Startup Copyright Sila Technologies

Daimler Places Bet on Next-Generation Battery Startup

Daimler invests in Sila Nanotechnologies and Jeff Immelt will join the board.

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

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish