Daqus Energy, a startup spun out of MIT, has created a promising battery material named TAQ, which is cheaper and lighter than conventional materials used in lithium-ion batteries. Currently, the company is working on scaling production while facing the challenge of transitioning this innovative material into electric vehicle (EV) cells. With a recent $6 million seed funding round, Daqus aims to overcome the reliance on costly critical minerals typical in battery production and cater to the growing EV market, especially among U.S. automakers seeking to qualify for tax credits.
We have not seen a metric at which TAQ does poorly compared with the incumbents," Harish Banda, co-founder and CEO of Daqus, told TechCrunch. The company was spun out of MIT.
But the upside is strong enough that Daqus is emerging from stealth with a $6 million seed round led by Morningside with participation from unnamed individual investors.
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