Nanotechnology investor Nanostart (OTCQX:NASRY) said Thursday that portfolio company Nanosys announced the U.S. Department of Energy (DOE) awarded it US$4.8 million to bring to scale its SiNANOde technology for the automotive industry.
The funds will go toward the development and refinement of the company's SiNANOde technology, which enables electronic vehicles to travel up to 300 miles on a single charge.
In addition to the primary funding provided, Nanosys and the DOE will spend an additional $6.0 million, through sub-awards and cost matches between the two organizations, to further develop, commercialize and manufacture advanced material technologies in the U.S.
"We are honored the DOE has selected Nanosys for this grant," said Nanosys president and CEO, Jason Hartlove.
"The commercialization of architected material solutions like SiNANOde provide the breakthroughs needed to progress on the path to achieving those goals."
This grant is part of the DOE's wider intention of accelerating the development and deployment of electric vehicles.
"The future of a clean energy economy depends on increased adoption of electric and hybrid electric (PHEV) vehicles," Hartlove added.
"Until such vehicles are able to achieve substantial operating range on a single charge with the economics of combustion vehicles, acceptance will be limited to early adopters."
Based in Palo Alto, California, Nanosys is an advanced materials architect. Together with Germany-based Nanostart, an investor in nanotechnology, Nanosys improves lithium-ion battery capacity using SiNANOde in batteries for laptops and tablets, smart phones and other electronic devices, in addition to electronic vehicles.
"The Department of Energy is investing in new advanced technologies that will significantly improve vehicle fuel economy, save consumers money, and create skilled jobs for Americans," said U.S. Energy Secretary, Steven Chu.
Nanostart, headquartered in Frankfurt, provides venture capital financing for nanotechnology companies in various growth phases with a focus on industries such as cleantech, life sciences and IT/electronics.