William Blair initiated research coverage of Enovix Corporation (ENVX $14.02), Amprius Technologies, Inc. (AMPX $3.54), SES AI Corporation (SES $2.17), and QuantumScape Corporation (QS $7.63).
With the publication of a comprehensive report titled “Silicon Anodes Are the Next Battery Evolution: The Battle of Silicon vs. Li Metal” and an accompanying report initiating coverage of the four companies, energy and sustainability analyst Jed Dorsheimer extended William Blair’s research coverage into energy storage, specifically, lithium-ion battery (LIB) technologies.
“The battery industry has been in search of a revolution, and Li-metal has received the lion’s share of development, funding, and investor attention to deliver that revolution,” Dorsheimer said. “In our white paper, we offer our contrarian thesis: We believe that high-content silicon will enter the market in earnest in 2025, and when Li-metal companies scale closer to the end of the decade, the cost and performance gap will have narrowed, resulting in stronger-than-expected competitive pressure.”
He added, “Both technologies offer similar performance improvements in energy density and fast charging, but the commercialization timelines are very different. Current LIB manufacturers use silicon as a drop-in replacement for graphite, and companies working on high-content silicon have cells in products today. In contrast, Li-metal often requires new manufacturing equipment, and high-volume production remains a 2027 story. Although we appreciate the technical accomplishments, we believe companies developing Li-metal need to shorten the commercialization timeline to capture development inertia away from high-content silicon.”
Enovix designs and manufactures lithium-ion batteries with a 100% silicon anode and a proprietary cell architecture that deliver significantly higher energy density than conventional batteries. The company’s goal is to first become a large battery supplier for the premium smartphone industry and then expand to other premium consumer electronics.
Amprius has developed a proprietary process to manufacture silicon nanowires and designs and manufactures batteries with 100% silicon nanowire anodes that deliver significantly higher energy density than conventional batteries. The company has its first products in the aerospace and defense industry and will continue to expand in these markets.
SES is developing a lithium metal battery with a proprietary solvent-in-salt electrolyte for the automotive industry. The company has three joint development agreements with GM, Hyundai, and Honda, and is progressing through the A-, B-, and C-sample qualification process.
QuantumScape is developing a lithium metal battery with an anode-free cell design and a proprietary solid electrolyte material for the automotive industry. The company has six strategic sampling agreements with large auto OEMs including VW and is progressing through the A-, B-, and C-sample qualification process.
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*Includes strategic partnerships with Allier Capital, BDA Partners, and Poalim Capital Markets.
William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report is not intended to provide personal investment advice. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.
William Blair or an affiliate is a market maker in the securities of Enovix Corporation, Amprius Technologies, Inc., SES AI Corporation, and QuantumScape Corporation.
William Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from Enovix Corporation, Amprius Technologies, Inc., SES AI Corporation, and QuantumScape Corporation or an affiliate within the next three months.
Officers and employees of William Blair or its affiliates (other than research analysts) may have a financial interest in securities of Enovix Corporation, Amprius Technologies, Inc., SES AI Corporation, and QuantumScape Corporation.
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