Elevated Materials, a newly established company supported by TPG’s Rise Climate fund and Applied Materials, has entered the battery market. It focuses on producing ultra-thin, uniform lithium films. The company aims to enhance battery performance by leveraging decades of vacuum roll-to-roll processing expertise and hundreds of patents from Applied Materials. Its technology is designed to improve energy density, cycle life, and charge rates for next-generation batteries.
“Today’s battery market is under immense pressure to deliver improved battery performance and lower cost,” said Jim Cushing, CEO of Elevated Materials. “We are helping our customers solve these challenges with our differentiated roll-to-roll vapor deposition technology. Elevated Materials’ advanced lithium films maximize energy density and provide a cost-effective solution for gigawatt-hour scale production.”
The company’s lithium films can be applied across various anode materials, including graphite, silicon, and lithium metal. With significant investment from TPG Rise Climate, Elevated Materials plans to support advancements in electric vehicles, eVTOLs, energy storage systems, and consumer electronics.
“Elevated Materials’ expertise in thin film technology is a big step for next-generation batteries. Its innovative solutions are key to overcoming challenges in energy density and anode-specific capacities, such as silicon oxide materials or lithium-metal. I am confident that Elevated Materials’ technology has high potential to enhance lithium-ion cell performance and hence address a huge market.”
Jonathan Garfinkel, a managing partner of TPG Rise Climate, added, “Incubated inside Applied Materials, a proven leader in materials science, we believe Elevated Materials’ lithium film technology will play a key role in accelerating the electrification of energy, transportation, and other industries.”
Dr. Om Nalamasu, Chief Technology Officer at Applied Materials, noted, “The launch of Elevated Materials is a testament to the creativity and dedication of our team, customers, and ecosystem partners in turning the vision of a next-generation energy economy into reality.”
According to Fortune Business Insights, the global thin film battery market153.20 million in 2024 to $780.02 million by 2032, reflecting a compound annual growth rate (CAGR) of 22.6% during the forecast period. This growth highlights increasing demand for thin film batteries across various applications.
Elevated Materials operates offices in Santa Clara, California, and Alzenau, Germany. The company’s entry into the battery market reflects growing efforts to address the demand for more efficient and cost-effective energy storage solutions. For more information, visit Elevated.
