The investment is the first of two funding closes, expected to reach over $150M in total, aimed at building a low-cost, sustainable domestic supply chain for battery materials.
North Andover, MA, May 12, 2022 – 6K, a leader in the sustainable production of engineered materials for lithium-ion batteries and additive manufacturing produced from its UniMelt® plasma technology, announced today it has raised $102 million in its Series D funding first close. The round was led by Koch Strategic Platforms (“KSP”), a subsidiary of Koch Investments Group, an investment arm of Koch Industries, with participation by investors Energy Impact Partners, Albemarle, HG Ventures, as well as participation by 6K’s existing investors. The Series D proceeds will fund production expansion for premium 3D metal powders in its 6K Additive division and accelerate the deployment of cathode production plants in its 6K Energy division.
“Lithium-ion battery markets will increase tenfold in the next decade, fueled by growth in EVs, as well as supporting critical infrastructure for telecom back-up, data centers, and power plants. The fact that there is no lithium-ion battery material production on US soil is a concern for both national security and for the industries that are relying on these critical materials,” said Aaron Bent, PhD, CEO of 6K. “6K is the only company capable of battery material production at costs lower than Asia, while also reducing impact on the environment by 70%-90%. Disruptive approaches such as this are the only viable way to repatriate this industry. The investment from Koch Strategic Platforms not only brings the capital required to fuel our growth, but equally important they bring unparalleled commitment and reach within the battery value chain.”
6K’s UniMelt® system replaces a three-day, multi-step, high waste chemical co-precipitation (hydro-met) process with one that is ultra-clean and ultra-fast (as low as 2 seconds), powered by a 6000K microwave plasma. Compared to state-of-the-art CAM plants today, 6K uses half the footprint, substantially lower CapEx, and half the conversion costs or less. If deployed across the 400 GWh of announced capacity by 2025, implementing a 6K solution for NMC811 has the potential to save billions of dollars and eliminate solid and liquid hazardous waste while reducing water usage by 90% and energy usage up to 70%. The UniMelt systems are already deployed in 24/7 high volume production in 6K Additive’s 45 acre, ISO9001 certified facility.
“We have been following 6K Energy’s progress since inception and have found that 6K’s UniMelt plasma technology delivers a competitive, production process built on US soil,” said Jeremy Bezdek, managing director for Koch Strategic Platforms. "They have created a transformative battery material production and recycling eco-system, delivering a versatile technology capable of full-scale production with various chemistries. This innovation will help realize advancements in energy transformation and the battery value chain.”
The $102 million raised is the first of two funding tranches for Series D, which is expected to reach $150 million in total. With an expected close in spring 2022, 6K will add a limited group of strategic investors. 6K is working with partners throughout the supply chain with the intent to build an end-to-end solution, including its partnership with Albemarle for the sustainable production of lithium products, and Heritage/Retriev for the production of cathode from end-of-life batteries. 6K is opening its $30M Battery Center of Excellence in August 2022 and working through site selection for its first 10-20 GWh cathode plant with production launch in early 2024.
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Notes for Editors
6K press releases are available here: https://www.6kinc.com/about/news/
About 6K
With sustainability at its core, 6K was founded in North Andover, Massachusetts, has developed UniMelt®, a proprietary advanced microwave plasma production system, to transform engineered materials into revolutionary products that advance industries across additive manufacturing, renewable energy, aerospace, consumer electronics, and more. 6K represents 6000 degrees, both the temperature of the operation of UniMelt®, the world’s only microwave production scale plasma system, and the temperature of the sun’s surface.
The 6K Energy division is focused on the production of low-cost, sustainable, and domestically produced battery material accelerating the pace of battery production and adoption of electric vehicles. The 6K Additive division specializes in sustainably sourced, AM metal powders production and reclamation, using a proprietary milling and cleaning process that ensures contamination-free, high-quality powders. For more information, visit www.6Kinc.com and follow @6KInc on Twitter.
About Koch Strategic Platforms
With offices in Atlanta and Wichita, KSP desires to be the preferred investment partner of growth focused, strategic companies who are innovating in industries with disruptive potential. Created in 2020, the KSP team pursues public and private investments with companies where long-term mutual benefit can be realized. https://www.kochind.com/
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Koch Industries
Christin Fernandez
Christin.Fernandez@kochps.com
202-879-8546
6K
Bruce Bradshaw
Bbradshaw@6Kinc.com
603-689-4597