AM Batteries (AM Batteries, Inc.) is a US startup founded in Massachusetts in 2016, having developed ‘Powder to Electrode,’ a dry battery electrode (DBE) coating technology that applies powder directly without solvent.
1. Company Overview
- Company name: AM Batteries, Inc.
- Founded: 2016, co-founders Yan Wang and Heng Pan
- Headquarters: Billerica/Chelmsford, Massachusetts, USA
- CEO: Lie Shi (former President of Celgard)
- Cumulative funding raised: approx. $69–74 million (participants include Anzu Partners, Toyota Ventures, TDK Ventures, and others)
2. History and Personnel
Founded in 2016, the company has developed dry battery electrode (DBE) technology that eliminates the solvent and drying steps in lithium-ion battery electrode manufacturing. In 2023, it completed its first shipment of electrode rolls to a major battery cell manufacturer, and in 2024 its Powder to Electrode™ dry coating process was named one of TIME magazine’s ‘Best Inventions of the Year.’ In 2024, the company received a $2.23 million grant from the Massachusetts Manufacturing Innovation Initiative and opened a Customer Success Center.
Former Celgard president Lie Shi was brought in as CEO, and Hieu Duong joined as Chief Manufacturing Officer (CMO). More than nine investors participated, including a Series B round ($30 million) led by Toyota Ventures, along with Anzu Partners and TDK Ventures.
3. Core Technology and Key Equipment
The Powder to Electrode™ process forms electrodes by applying dry active-material powder directly onto the current collector, omitting solvent use and the drying process. The company states this achieves a 30–40% reduction in capital cost, a 50–60% reduction in operating cost, a 45–75% reduction in energy consumption, and up to a 5x reduction in factory floor area compared to conventional wet coating.
- Powder to Electrode™ — solvent-free dry powder application process
- Turnkey equipment for dry electrode (DBE) manufacturing
- Chemistry-agnostic design — capable of testing a variety of active materials
- Customer Success Center — demonstration and testing environment
4. Production Infrastructure and Quality Assurance
The company operates its headquarters and Customer Success Center in Billerica/Chelmsford, Massachusetts. Detailed factory floor area and capacity are (undisclosed).
5. Delivery Track Record and Partnerships
The company states it completed its first shipment of NMC cathode electrode rolls to a major battery cell manufacturer in 2023, though individual customer names are (undisclosed).
6. Financial Status and Roadmap
As an unlisted startup, the company has raised approximately $69–74 million cumulatively through its Series B round (per third-party information services; figures vary by source). Individual revenue figures are (undisclosed).
The company has indicated a direction of expanding commercial shipment of dry electrode rolls while strengthening demonstration support through its Customer Success Center, contributing to a ‘revival of the US battery industry.’
This profile was compiled from publicly available sources including Crunchbase, ESG Today, Tracxn, Battery-Tech Network, and BusinessWire; unverified figures and non-public information have not been arbitrarily included.