Coatue bets on batteries in latest Silicon Valley play

Coatue Management led a group of other large institutional investors in contributing to a $590 million Series F funding for a company focused on developing silicon anodes. Led by Founder Philippe Laffont, the New York-headquartered firm has more than $25 billion in assets and has long focused on technology, including a staffing a Menlo Park office. Alameda, California- based Sila Nanotechnologies is the first to offer Sila Nano-powered batteries to ship in consumer devices as the company ramps up to meet the demand from smartphone and automotive customers. “We believe Sila Nano has created batter technology that is new, groundbreaking, and has a clear path to scale and broad adoption,” said Jaimin Rangwalla of Coatue Management. “We are excited about the Sila Nano team’s opportunity to take advantage of the existing global lithium-ion manufacturing infrastructure and help transform the future of energy storage.” The financing will back the development of a new 100 GWh plant for the automotive industry and the company already has partnerships with BMW and Daimler. Sila Nanotechnologies said it plans to start production at the new plant in 2024 and powering electric vehicles by 2025. The company also plans to hire another 100 employees this year. Other participation in the Series F funding came from T. Rowe Price funds and existing investors 8VC, Bessemer Venture Partners, the Canada Pension Plan Investment Board and Sutter Hill Ventures.

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