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Posted: Aug 11, 2011
Nanosys Receives $11 Million Funding From U.S. Department of Energy
(Nanowerk News) Nanostart-holding Nanosys, Inc. today announced that the U.S. Department of Energy (DOE) has awarded it funds to refine and bring to scale its SiNANOde™ materials for the automotive market. These innovations will enable Electric Vehicles (EVs) to travel 300 miles on a single charge.
In addition to the primary DOE award of USD 4.8 million, approximately USD 6 million will be spent, through sub-awards and matches by the DOE and Nanosys, in the development and commercialization of advanced material technologies and manufacturing in the United States.
"We are honored the DOE has selected Nanosys for this grant," said Jason Hartlove, president and CEO of Nanosys. "The future of a clean energy economy depends on increased adoption of electric and hybrid electric (PHEV) vehicles. Until such vehicles are able to achieve substantial operating range on a single charge with the economics of combustion vehicles, acceptance will be limited to early adopters. The commercialization of architected material solutions like SiNANOde™ provide the breakthroughs needed to progress on the path to achieving those goals."
The grant is a part of the DOE's larger mission to accelerate the development and deployment of advanced vehicle technologies through targeted programs aimed at increasing vehicle efficiency.
DOE's comprehensive approach is aimed at creating new innovations throughout the vehicle, including high capacity electric vehicle batteries and components that should significantly exceed existing state-of-the-art technologies in terms of performance and/or cost.
The agency has set a target for bringing the cost of lithium-ion batteries down to USD 250/kWh and increasing capacity to 300 miles per charge for the next generation of EVs. In recent tests, Nanosys' SiNANOde™ anode material has doubled capacity while providing breakthrough charge/discharge cycle life improvements. Nanosys will use the DOE funds to accelerate development through purchases of additional equipment and the hiring of additional staff.
"The Department of Energy is investing in new advanced technologies that will significantly improve vehicle fuel economy, save consumers money, and create skilled jobs for Americans," said U.S. Energy Secretary Steven Chu in a DOE press release. "Investments in the next generation of autos will strengthen our economy and lead to a more fuel-efficient, clean energy future."
In addition to EVs, Nanosys is currently working with domestic and international battery manufacturers to improve lithium-ion battery capacity using SiNANOde™ in batteries for laptops and tablets, smart phones and other electronic devices.
Nanostart AG, headquartered in the German financial capital of Frankfurt, is the world's leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. For further information, please visit www.nanostart.de.
Nanosys, Inc. is an advanced material architect, harnessing the fundamental properties of inorganic materials into process ready systems that can integrate into existing manufacturing to produce vastly superior products in lighting, electronic displays and energy storage. For further information please visit www.nanosysinc.com.