GM invests $10 million in Forge Nano

The two companies have also entered into a strategic partnership agreement to collaborate on potential applications of Forge Nano's battery technology. The US company is working on a material coating that could improve the performance of battery cells.

The investment of USD 10 million is being made by GM Ventures, the venture capital subsidiary of General Motors. Forge Nano is a materials research company that is developing a process for scaling up atomic layer deposition (ALD). Forge Nano wants to use this to increase the energy density of battery cells. The technology is exciting for electric car batteries, which is why Volkswagen also invested USD 10 million in the company in 2019.

Specifically, atomic layer deposition is a surface technology in which thin-film coatings are applied to battery materials in order to control chemistry and structure at the atomic level. With its technology called ‘Atomic Armor’, Forge Nano wants to develop thin-film coatings for GM to improve battery performance and reduce costs. Forge Nano also plans to build prototypes of lithium-ion battery cells at its headquarters in Thornton, Colorado, to demonstrate the capabilities of its technology.

With the investment, GM aims to improve battery performance and lower the cost of electric vehicles to make them an attractive option for all vehicle buyers: ‘”GM Ventures’ primary goal is to bring disruptive technology into the GM ecosystem to improve products and processes,” said Anirvan Coomer, managing director of GM Ventures. “Forge Nano’s Atomic Armor technology has game-changing potential for our battery materials at significant scale. They have already demonstrated the ability to expand cathode capabilities, which is the most expensive battery cell component. This could unlock benefits for customers and the business.”

Paul Lichty, CEO of Forge Nano, added: “Forge Nano’s mission is to make better materials for a better world. General Motors’ investment will allow us to further enhance battery material performance and durability, while allowing us to expand our footprint in other key areas – like semiconductors.We look forward to working closely with GM to enhance battery cell performance for future electric vehicles.”

Forge Nano has already received more than 100 million US dollars from investors to date, including Mitsui Kinzoku, LG Technology Ventures, Sumitomo Corporation of Americas, Air Liquide and SBI Investment in addition to General Motors and Volkswagen.

globenewswire.com, gm.com