Ionic Mineral Technologies, an advanced battery materials producer, has announced the closing of a $29 million Series B funding.

The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors.

The company sources its proprietary, high-purity halloysite clay from its Halloysite Hills & Silicon Ridge resources in Utah, from which it processes nano-silicon anode material in a low-carbon method with boehmite alumina as a co-product.

According to the company, this nano-silicon anode material is engineered for batteries in several applications, including energy storage, EV batteries, and defense, while boehmite alumina is used in lithium-ion battery separators and advanced ceramics.

The funding will be used to expand the company’s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually, and supporting Gen-2 sample qualification with global battery OEMs and suppliers. It also aims to increase the annual production capacity of Boehmite alumina to 5,000 metric tons.

“This successful raise marks a key inflection point for Ionic MT. We now have the capital to scale manufacturing, complete Tier-1 customer qualifications, and transition to commercial revenue, all while strengthening the domestic foundation for next-generation battery materials,” said Andre Zeitoun, Founder and CEO.

The company aims to advance toward key commercial milestones in 2025 and 2026, including product validation with Tier-1 partners in the EV, battery, and defense sectors.

According to Mercom’s Q1 2025 Funding and M&A Report for Energy Storage, VC funding in the sector declined 8% year-over-year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.

In February, ACT-ion Battery Technologies, a cathode active materials manufacturer for lithium-ion batteries, secured $7.5 million in a Pre-Series A funding round. BASF Venture Capital led this funding round with participation from Hunt Energy Enterprises, Mirae Asset Capital, Arosa Capital Management, and LG Technology Ventures.