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CHICAGO, IL – Bedrock Materials, a breakthrough battery technology startup launching from Stanford University in 2023, [has] announced the successful closing of $9 million in seed funding in addition to the inauguration of its new Research & Development (R&D) headquarters in Chicago, Illinois.
“On behalf of the residents and businesses of Chicago, I sincerely welcome and congratulate Bedrock Materials on choosing our city as the location for its research and development headquarters,” said Mayor Brandon Johnson. “This decision reflects the strength of Chicago's talent pool, our esteemed research and academic institutions, and the vibrant technology ecosystem emerging here. We look forward to the positive impact Bedrock Materials will have on our city's growing technology sector.”
Bedrock Materials specializes in the production of essential materials for low-cost, environmentally friendly sodium-ion batteries. These batteries are seen as a next-generation alternative to lithium-ion versions, using affordable, widely available materials. Last month, the company began R&D-scale production of battery precursor materials at its facility in Near West Chicago. There are plans to open a larger, permanent location later this year.
Concurrent with this strategic move, Bedrock Materials also secured an incentive package from the Illinois state government under the Reimagining Electric Vehicles in Illinois Act, contingent upon achieving specific job creation and capital investment goals.
“Illinois is home to one of the most robust EV ecosystems in the country, and I am pleased to welcome Bedrock Materials to our great state,” said Governor JB Pritzker. “Their research and development headquarters will join our growing EV supply chain, bringing innovation and jobs to our EV economy.”
The company's decision to locate in Chicago was largely motivated by the abundance of strong materials science research institutions in the area, including Northwestern University, University of Chicago, University of Illinois and Illinois Institute of Technology. In addition, Argonne National Laboratory in Lemont, Illinois, is a major leader in the development of sodium-ion batteries.
“The choice to come to Chicago was an easy one. There is perhaps one active laboratory in America that has produced successful automotive battery chemistry, and it is here,” said Spencer Gore, CEO of Bedrock Materials. “Argonne National Laboratory wrote the book on modern sodium ion technology. Now that we can tap into the deep regional talent pool they have built, we are excited to perfect and scale it.”
Professor Shirley Meng of the University of Chicago commented: “It is truly exciting that the state of Illinois can attract start-up companies like Bedrock Materials to become part of the clean technology community. The innovation ecosystem is growing and we look forward to working with and supporting startups.” Professor Meng is also chief scientist at the Argonne Collaborative Center for Energy Storage Science.
The company's temporary headquarters are located in mHUB, an 80,000-square-foot hardware technology incubator near Fulton Market on the Near West Side.
“Bedrock Materials is poised to drive electric vehicle adoption through sodium-ion battery technology,” said Haven Allen, CEO and co-founder of mHUB, and Managing Partner, mHUB Ventures. “mHUB is pleased that its wet labs, prototyping equipment and network of early-stage hard-tech innovation resources will continue to serve Bedrock Materials on its journey to scale. We look forward to seeing and supporting what they do next.”
The $9 million funding round was led by Trucks Venture Capital, Refactor Capital and Version One Ventures. Additional investments were made by Hanover Technology Investment Management, SpaceCadet Ventures, Brainstorm Capital, Evergreen Climate Innovations, Expansion VC, Climate Capital, Quest Venture Partners, Meliorate Partners, Valia Ventures, Ritual Capital and several individual investors with strong ties to the electricity sector. vehicle and battery industry.
“Bedrock Materials solves one of the biggest challenges at the intersection of energy storage, manufacturing and sustainability,” said co-founder and CTO Rafael Vilá. “We are fortunate to have such an incredible group of supporters and investors helping us lay the foundation for the future of sodium ion batteries. The world needs cheaper and more sustainable batteries, and together we will make that possible.”
“We are pleased to welcome Bedrock Materials to Chicago and to the Evergreen portfolio,” said Paul Seidler, Managing Director at Evergreen Climate Innovations, a Chicago-based company that participated in Bedrock's seed financing. “As an active investor in battery technologies, we see tremendous potential for the Bedrock team to usher in this next generation of electrochemistry. As a cheaper option, sodium-ion will gain a significant 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 laboratories and universities and our city's heritage in manufacturing and logistics.”
Founded in 2023 by Rafael Vilá, CTO and a leading battery scientist from Stanford University, and CEO Spencer Gore, a seasoned battery industrialist with experience at Tesla and Enovix, Bedrock Materials has a management and advisory team consisting of current and former executives from Tesla, Volkswagen, General Motors, Samsung, Panasonic, QuantumScape, Sila Nanotechnologies, Enovix and Apple.
Press release from Bedrock Materials.
Bedrock Materials is a battery technology startup producing critical input materials for sodium-ion batteries, which promise to provide a cost-effective and environmentally sustainable alternative to traditional lithium-ion batteries. The company aims to leverage Chicago's rich resources and strategic positioning to lead the next wave of battery technology innovation.
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