Lancaster-based sustainable battery startup LiNa Energy has closed a £3m late seed funding round to accelerate the company’s technological development and growth.
Founded in 2017 as a spinout of Lancaster University, LiNa develops sustainable, low-cost energy storage tech. Its flagship product is the sodium battery, which it claims offers lower costs and greater safety than traditional lithium-ion batteries.
“Receiving this investment enables us to build our team, develop our technology and finalise our scale-up plans ahead of a Series A round in mid-2023,” said LiNa Energy CFO, James Morrish.
“We have a very exciting 18 months ahead. We are delighted to see our investors continue to support LiNa’s pioneering, cobalt and lithium free, low cost, safe, sustainable sodium battery technology, with a total investment of £3m.”
The funding will also go towards building the company’s presence in the Indian market.
The latest investment into the company came predominantly from existing investors. The company has to date secured more than £10.5m in equity seed funding and has received several grants in association with the Advanced Propulsion Centre UK, Faraday Battery Challenge, Innovate UK, and the Department for Business, Energy and Industrial Strategy (BEIS).
LiNa Energy’s last funding came in October 2021, when the company raised £3.5m.