COLUMBIA, Md., (November 16, 2024) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $1.5 million Maryland Equity Investment Fund (MEIF) investment in ION Storage Solutions. TEDCO’s MEIF is housed under the evergreen Venture Funds and was created to increase private equity and venture capital in Maryland, generate financial returns and foster economic growth.
ION Storage Systems, located in Beltsville, Md., is an early-stage solid battery manufacturer working to commercialize a solid-state battery for defense and aerospace, medical, consumer, electric vehicles and grid storage markets. ION's patented solid-state lithium metal technology can offer a battery without cobalt, nickel and other less sustainable materials. This design offers a variable architecture built with rapidly scalable manufacturing in mind. ION leverages a ceramic cell design that supports the use of cathode chemistries, promoting circularity and recycling, hopefully avoiding the challenges of mining and refining rare earth metals.
“TEDCO’s Venture Funds were put in place to equip entrepreneurs with the capital and resources they need to continue their growth,” said Katherine Hill Ritchie, senior director of TEDCO’s Venture Funds. “The investment in ION Storage Solutions exemplifies this process and we are hopeful the company will continue its growth and development efforts.”
TEDCO’s Venture Funds are one of the many investment opportunities TEDCO can provide to qualifying technology-based startups and small businesses throughout Maryland. For more information, visit our page at www.tedcomd.com/funding.