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Conamix, an Ithaca, New York-based battery-technology startup, raised $2 million from investors including an Exelon Corp.-backed company focused on innovations in energy storage.
The Series A funding is part of an $8 million commitment from Volta Energy Technologies and another backer, according to Conamix Chief Executive Officer Charles Hamilton. The company is developing cobalt-free electrode materials for lithium-based batteries.
Conamix’s technology is intended to reduce the cost of batteries used for electric vehicles and grid storage. It “enables significantly higher energy density at a lower cost,” Jeff Chamberlain, Volta’s chief executive officer, said in an interview. Battery prices are expected to fall 67 percent by 2030, according to Bloomberg New Energy Finance.
Exelon is an investor in Volta, which also supports Ionic Materials Inc., a battery-material developer backed by Silicon Valley luminary Bill Joy.