Brief
Holyvolt raises $45 million to develop non‑Chinese battery cathodes
The round, led by Fifth Wall and Zone II, values the company at $245 million as it seeks AI‑driven chemistry breakthroughs.
By Felo News Desk · Published
Holyvolt, a Stockholm‑based battery‑materials startup, announced a $45 million equity financing round on Oct. 15, according to Fortune. The funding, sourced from Fifth Wall, Zone II, CC. VC and several defense‑ and finance‑industry angels, values the company at $245 million.
What happened
Holyvolt’s chief operating officer, former Tesla manufacturing leader Steven Prast, said the capital will be used to hunt for cathode chemistries that are not controlled by China, which currently produces about 85% of the world’s cathode active material and 80% of battery cells. Prast described lithium‑ion technology as only 10‑20% mature and warned that the West cannot win the remaining development by simply competing with China’s existing supply.
What the reports add
Fortune reported that Holyvolt’s strategy diverges from most AI‑driven battery research, which relies on computational chemistry. Prast said his team believes AI must be paired with physical lab testing, a view he contrasted with a larger camp that thinks chemistry can be solved entirely on computers. He also claimed there may be “another dozen cathode materials that humanity just hasn’t figured out yet.”
What was said
In a Zoom interview, Prast told Fortune, “What took us from that to this is the battery,” referring to the evolution of mobile devices. He added, “We will not be able to out‑China China on the battlefield that China has defined,” and warned, “If we take LFP and we try to out‑LFP China, we will lose.” He emphasized the need to “invent better materials and processes and make them in the West.”
How it came about
Holyvolt’s funding follows a broader wave of AI‑enabled clean‑tech investments, such as Sonilo’s $11 million raise reported by Felo on Oct. 8 and Atomic’s $12.5 million Series A on Sep. 29. Those deals highlight investor interest in applying AI to traditionally chemistry‑heavy sectors. Holyvolt’s merger with San Diego lab Wildcat Discovery Technologies, previously reported by The Next Web at $73 million, positions it to combine AI modelling with hands‑on experimentation.
Key facts
- Holyvolt raised $45 million in equity financing (fortune.com)
- The round values Holyvolt at $245 million (fortune.com)
- China supplies about 85% of cathode active material and 80% of battery cells (fortune.com)
- Steven Prast is Holyvolt’s chief operating officer and former Tesla manufacturing leader (fortune.com)
- Holyvolt merged with Wildcat Discovery Technologies, a San Diego lab (fortune.com)
Sources
- [1] fortune.com — originally reported as “Exclusive: ‘I’ve seen this movie before’: A Michigan-raised ex-Tesla exec raises $45 million to break China’s grip on batteries”
