(Bloomberg) — A division of Koch Industries Inc. led a $102 million funding round for manufacturing startup 6K, in the fossil fuel giant’s latest bet on the lithium-ion batteries that are gradually replacing gasoline in cars.
Based north of Boston, 6K says it has developed technology for producing battery materials faster and with less energy than standard methods. The series D funding round also included the world’s largest lithium miner Albemarle Corp., Energy Impact Partners LP and HG Ventures.
Often associated with the conservative politics of its chief executive officer, Charles Koch, privately held Koch Industries has in recent years poured money into advanced batteries, particularly the lithium-ion cells that power cars. Through its division Koch Strategic Platforms, it has invested $100 million into Standard Lithium, which is developing a lithium-extraction facility in Arkansas, $50 million into a battery-making joint venture with Norway’s Freyr Battery SA, and $100 million into Li-Cycle Holdings Corp., which is building plants to recycle the batteries’ lithium, nickel and cobalt. In April, Koch Strategic Platforms invested $30 million in solid-state battery manufacturer Blue Current.
“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,” said 6K Chief Executive Officer Aaron Bent in a statement.
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