Battery start-up Tiamat bags EUR 22m to build giga-factory in France

French sodium-ion battery technology start-up Tiamat, a spin-off from the French National Centre for Scientific Research (CNRS), has raised EUR 22 million (USD 24.1m) in a fundraising round to support its plan to build a 5-GWh factory at home.

The transaction attracted as new backers the corporate venture fund of automaker Stellantis NV (EPA:STLA), chemicals company Arkema SA (EPA:AKE) and missile systems maker MBDA. Existing investors also participated, including Finovam Gestion, SICAE de la Somme et du Cambraisis, Nord France Amorcage, CAP 3RI and Celeste Management SA.

Spun off from CNRS in 2017, Tiamat is developing and commercialising new lithium- and cobalt-free batteries for mobility and stationary energy storage.

The proceeds from the financing round will be used to launch the construction of a giga-factory in France, with an initial phase of 0.7 GWh possibly becoming operational by the end of 2025. The plant will initially make power tools and stationary storage applications and then seek to scale up production of second-generation products for battery electric vehicles (BEVs) applications.

(EUR 1 = USD 1.095)

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