Bedrock Materials Secures $9 Million Seed Funding, Establishes R&D Headquarters in Chicago

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CHICAGO, IL – Bedrock Supplies, a pioneering battery expertise startup launched out of Stanford College in 2023, (has) introduced a profitable shut of $9 million in seed funding alongside the inauguration of its new Analysis & Improvement (R&D) headquarters in Chicago, Illinois.

“On behalf of Chicago’s residents and businesses, I extend a sincere welcome and congratulations to Bedrock Materials for choosing our city as the location for its Research & Development headquarters,” mentioned Mayor Brandon Johnson. “This decision reflects the strength of Chicago’s talent pool, our esteemed research and academic institutions, and the vibrant tech ecosystem emerging here. We look forward to the positive impact Bedrock Materials will have on our city’s growing tech sector.”

Bedrock Supplies focuses on producing important supplies for low-cost, eco-friendly sodium-ion batteries. These batteries are seen as a next-generation different to lithium-ion variations, using reasonably priced, extensively out there supplies. Final month, the corporate started R&D scale manufacturing of battery precursor supplies at its facility in Close to West Chicago. Plans are underway to open a bigger, everlasting web site later this 12 months.

Concurrent with this strategic transfer, Bedrock Supplies additionally secured an incentives package deal from the Illinois state authorities beneath the Reimagining Electrical Autos in Illinois Act, contingent upon reaching particular job creation and capital funding targets.

“Illinois is home to one of the most robust EV ecosystems in the nation, and I’m thrilled to welcome Bedrock Materials to our great state,” mentioned Governor JB Pritzker. “Their research and development headquarters will join our growing EV supply chain, bringing innovation and job creation to our EV economy.”

The corporate’s choice to find in Chicago was pushed largely by the abundance of sturdy supplies science analysis establishments within the space, together with Northwestern College, College of Chicago, College of Illinois, and Illinois Institute of Know-how. Furthermore, Argonne Nationwide Laboratory, in Lemont, Illinois, is a key chief within the growth of sodium-ion batteries.

“The choice to come to Chicago was an easy one. There is arguably one active laboratory in America that has produced a successful automotive battery chemistry, and it’s here” mentioned Spencer Gore, CEO of Bedrock Supplies, “Argonne National Laboratory wrote the book on modern sodium-ion technology. Today, pulling on the deep regional talent pool they have built, we are excited to perfect and scale it.”

Professor Shirley Meng of the College of Chicago commented, “It is truly exciting that the State of Illinois can attract startup companies like Bedrock Materials to be part of the clean tech community. The innovation ecosystem is growing, and we look forward to collaborating with and supporting startups.” Professor Meng can also be the Chief Scientist of the Argonne Collaborative Heart for Vitality Storage Science.

The corporate’s non permanent headquarters are at mHUB, an 80,000 sq. foot {hardware} expertise incubator close to Fulton Market within the Close to West aspect.

“Bedrock Materials is poised to advance the adoption of EVs through sodium-ion-battery technology,” mentioned Haven Allen, CEO and Co-founder, mHUB, and Managing Associate, mHUB Ventures. “mHUB is thrilled that its wet labs, prototyping equipment, and network of resources for early-stage hardtech innovation continue to serve Bedrock Materials on its journey to scale. We look forward to seeing and supporting what they do next.”

The $9 million financing spherical was led by Vans Enterprise Capital, Refactor Capital, and Model One Ventures. Further funding was offered by Hanover Know-how Funding Administration, SpaceCadet Ventures, Brainstorm Capital, Evergreen Local weather Improvements, Growth VC, Local weather Capital, Quest Enterprise Companions, Meliorate Companions, Valia Ventures, Ritual Capital, and several other particular person angel traders with sturdy ties to the electrical car and battery industries.

“Bedrock Materials is solving one of the greatest challenges that exists at the intersection of energy storage, manufacturing, and sustainability,” commented cofounder and CTO Rafael Vilá. “We are fortunate to have such an incredible group of supporters and investors helping us build the foundation for the future of sodium-ion batteries. The world needs cheaper and more sustainable batteries, and together – we are going to make that happen.”

“We are thrilled to welcome Bedrock Materials to Chicago and to the Evergreen portfolio,” mentioned Paul Seidler, Managing Director at Evergreen Local weather Improvements, a Chicago-based agency that participated in Bedrock’s seed financing. “As an active investor in battery technologies for more than a decade, we see tremendous potential for the Bedrock team to usher in this next generation of electrochemistry. As the lower cost option, sodium-ion will gain a meaningful share of the very large and fast-growing battery industry. Chicago is the ideal place to develop and scale this technology due to its proximity to world-class national labs and universities and our city’s heritage in manufacturing and logistics.”

Based in 2023 by Rafael Vilá, CTO and a distinguished battery scientist from Stanford College, and CEO Spencer Gore, a seasoned battery industrialist with expertise at Tesla and Enovix, Bedrock Supplies boasts a administration and advisory group composed of present and former executives from Tesla, Volkswagen, Normal Motors, Samsung, Panasonic, QuantumScape, Sila Nanotechnologies, Enovix, and Apple.

Press launch from Bedrock Supplies.

Bedrock Supplies is a battery expertise startup that manufactures vital enter supplies for sodium-ion batteries, which promise to supply an economical and environmentally sustainable different to conventional lithium-ion batteries. The corporate goals to leverage the wealthy assets and strategic positioning of Chicago to guide the following wave of battery expertise innovation.