With a proposed $165 million factory in 2026, materials science startup Forge Nano is the newest player in North Carolina’s growing electric vehicle (EV) battery market, the company announced on Tuesday.
Forge Nano, a Colorado-based company that specializes in nanocoatings for a range of uses, announced that it will be introducing a new division named Forge Battery to begin selling EV batteries close to Raleigh.
The battery manufacturing company intends to produce lithium-ion cells for the defense, aerospace, and specialist electric car markets. Forge Nano and a number of anonymous investors support it.
According to the investor website PitchBook, Forge Nano’s backers include the U.S. Departments of Defense and Energy in addition to major corporate investors from Japan, Germany, France, South Korea, and Thailand.
The factory will produce the 21700 and 18650 high-energy and high-power cylindrical cells that Tesla popularized.
Without giving any details, the company stated that it would employ “a U.S.-focused battery material supply chain.” The American government offers incentives for using locally produced batteries and battery components.
Forge Battery is receiving incentives totaling more than $8 million from North Carolina.
The Morrisville plant’s initial capacity is one gigawatt-hour, which is not as large as the so-called “gigafactories” run by Tesla, General Motors, LG Energy Solution, Panasonic, and other companies.
The U.S. Inflation Reduction Act has sparked a tidal wave of investments in new EV battery plants, many of which are in North Carolina, and Forge Nano’s relocation comes after that. Incentives are offered by the IRA and other US laws to increase the domestic manufacture of EVs, batteries, and raw materials.
One of the most recent agreements was when Toyota Motor said on October 31 that it would increase its funding for an electric vehicle battery plant in North Carolina by $8 billion to about $14 billion.