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Sila lands $1.4B Pentagon loan as militaries demand more batteries
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TechCrunch
Sila has landed a $1.4 billion loan from the U.S. Department of Defense to help the U.S.-based startup expand production of its silicon-carbon battery material.
Most of today’s lithium-ion battery anodes use graphite, and the supply chain for the material is dominated by Chinese companies.
Alongside the loan to Sila, the Department of Defense also announced deals with three other companies.
Sunrise Energy Metals, an Australian company, will receive a $400 million loan to mine scandium, a rare earth element that’s widely used in lightweight alloys.
Niron Magnetics, a Minnesota-based company, landed a $150 million loan to manufacture new rare earth-free magnets for smartphones, missiles, and electric motors.