Bucking EV slowdown, Sila raises $300M to expand battery materials factory

While EVs are the biggest user of lithium-ion batteries, energy storage systems have been taking a bigger piece of the market as demand for electricity grows. AI data centers have become a major buyers of grid-scale batteries. The packs can serve as backup power sources, help trim peak demand charges, and allow for around-the-clock use of solar and wind power.

The new round was led by Atreides Management and Sutter Hill Ventures with participation from 8VC, Bessemer Venture Partners, Matrix Partners, and funds and accounts advised by T. Rowe Price Associates Inc. Sila previously raised about $1.3 billion across previous rounds, according to PitchBook.