Solidion Technology Inc. (NASDAQ: STI), an advanced battery technology solutions provider, announced the closing of its previously announced private placement of 2.33 million shares of common stock, or common stock equivalents, generating gross proceeds of approximately $35 million before expenses. The offering was priced above market under Nasdaq rules.
The company said it intends to use the net proceeds to support commercialization of its patented Extreme-Climate Battery technology, fulfill customer demand, expand inventory, advance prototype development and testing, and provide working capital for general corporate purposes. Titan Partners, a division of American Capital Partners, served as sole placement agent for the offering.
Headquartered in Dallas, Texas, with pilot production facilities in Dayton, Ohio, Solidion Technology is focused on manufacturing next-generation battery materials and components, and developing high-performance batteries for energy storage, including UPS systems serving the AI data center market, electric vehicles, and aerospace applications. The company holds a portfolio of over 385 patents, covering innovations such as high-capacity, silane-gas-free and graphene-enabled silicon anodes, biomass-based graphite, and advanced lithium-sulfur and lithium-metal technologies.
The closing of this private placement marks a significant milestone for Solidion as it seeks to bring its Extreme-Climate Battery technology to market. The technology is designed to operate efficiently in extreme temperatures, addressing a critical need for energy storage solutions in harsh environments. With the additional capital, Solidion plans to ramp up production to meet growing customer demand and expand its inventory of battery materials and components.
For more information about Solidion Technology, visit www.solidiontech.com. To view the full press release, visit https://ibn.fm/Xxzmx.
