Coatue leads $590M round in EV battery materials company

Alameda, Calif.-headquartered electric-vehicle battery materials company Sila Nanotechnologies Inc. obtained $590 million in a series F financing round.

Coatue Management LLC led the investment round with significant participation by funds and accounts advised by T. Rowe Price Associates Inc. Current investors 8VC, Bessemer Venture Partners, Canada Pension Plan Investment Board and Sutter Hill Ventures also joined the round.

Sila will use the fresh capital to develop a new North American 100-GWh plant to produce its silicon-based anode material. The company plans to begin production at the new plant in 2024 and power electric vehicles by 2025. It also aims to hire 100 additional workers in 2021.