Holyvolt, a Stockholm-based startup, raised $45 million in equity, valuing the company at $245 million. Investors include Fifth Wall, Zone II, CC.VC and several angels from the defense and finance industries. The company, which merged with San Diego-based Wildcat Discovery Technologies, is developing battery chemistries China does not control, including DRX, a cathode material using neither nickel nor cobalt. China currently produces approximately 85% of the world’s cathode active materials and 80% of battery cells. Holyvolt plans to commercialize DRX by 2027, in time for the Pentagon’s embargo on Chinese batteries scheduled for October 1, 2027.
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