Pomegra
Coreshell Technologies closed a $30M Series B co-led by Ferroglobe and Access Industries to swap imported graphite for U.S.-sourced silicon in battery anodes.
Key Takeaways
- Coreshell raised $30M in a Series B announced November 11, 2026, co-led by Ferroglobe and Access Industries.
- The round follows a $50M Department of Energy award announced August 24, 2026, for a first-of-its-kind silicon-anode factory.
- Valuation and the split of the $30M among investors were not disclosed.
Lead
Coreshell Technologies, a San Leandro, California battery materials company, announced a $30 million Series B on November 11, 2026. Ferroglobe (NASDAQ: GSM), a silicon metal producer, and Access Industries co-led the round. ADS, Helios Ventures, Pegasus Tech Ventures, Mana Ventures and Entrada Ventures also participated. Coreshell will spend the money on scale-up, manufacturing expansion and customer programs, with the stated aim of removing China from its battery supply chain.
What Does Coreshell Actually Make?
Coreshell makes lithium-ion battery cells whose anodes use metallurgical silicon (MGS) in place of graphite. MGS is a commodity material that U.S. producers already sell in volume. Silicon holds far more lithium than graphite, but it swells and cracks during charging, which has defeated many earlier attempts. Coreshell's answer is a protective coating applied to the silicon particles, which the company has described as painting the inside of the battery.
The pitch is cost as much as security. Competitors typically rely on engineered silicon forms such as silane gas, which are pricier. Coreshell argues that cheap, domestic MGS gives it a cost edge over both those rivals and Chinese graphite.
Why Does Ferroglobe Want a Stake?
Ferroglobe is investing because it is also the likely supplier. Coverage of the deal indicates the silicon in Coreshell's anodes comes from Ferroglobe, so the producer is buying a route to a new end market for its metal. A strategic co-lead of that kind tends to signal demand commitments as much as financial conviction. It also means the round is partly a supplier financing its own customer, which readers should weigh when judging the validation it provides.
Access Industries, the diversified holding company, brings a financial profile to the lead position. ADS joined as a new strategic investor.
How Does the DOE Grant Fit In?
The Series B sits on top of a larger public commitment. The U.S. Department of Energy announced a $50M award to Coreshell on August 24, 2026, through its Manufacturing Deployment Office under the Infrastructure Investment and Jobs Act. The money is earmarked for what Coreshell calls the first U.S. gigafactory dedicated to batteries with all-MGS anodes.
The planned facility includes roughly 2 gigawatt-hours of electrode capacity and 1.5 gigawatt-hours of cell assembly capacity. The DOE said the project should create more than 100 domestic jobs. Chinese suppliers account for more than 93% of global graphite supply, which is the dependency the award targets.
Public money now outweighs private money in the recent funding stack: $50M in grants against $30M in equity. Form D filings also show $46.3M raised in March 2026, $10.9M in December 2021 and $1.7M in April 2020. How the March filing relates to the Series B announced this month is not clear from the disclosures.
Who Is Buying, and What Is Still Unproven?
Defense is the near-term market. Coreshell has told press it is prioritizing Navy ships and Army ground vehicles, where performance demands are lower than in consumer electric vehicles and where a 2028 NDAA sourcing deadline creates a compliance need. It had earlier courted automakers. Target markets also include data centers and other industries that need supply chain resilience.
Automotive qualification remains the open question. Coreshell has not publicly demonstrated the benchmark carmakers typically require, which is more than 1,000 charge cycles at 80% capacity retention. Its current output comes from a small pilot line in San Leandro plus contract manufacturers. The company has laid out a rough timeline: a gigafactory announcement in early 2027, electrode production by 2028 and full cell assembly by 2029.
CEO and co-founder Jonathan Tan has said that meeting sourcing requirements is an important step but does not by itself mean a battery supply chain is secure. Coreshell says a long-term lithium agreement with South Korea's L&F Co., Ltd. supports China-free cell production on the cathode side.
What Comes Next for Coreshell?
The next test is capital. A 2 GWh-scale factory costs far more than $30M plus a $50M grant, so additional financing, debt or further strategic money will probably be needed before construction. Defense contracts could supply the revenue visibility lenders ask for, and a site announcement would show how quickly the DOE funds can be put to work.
The risks are conventional for the category. Silicon anode companies have repeatedly met delays moving from pilot lines to volume production, and a supplier-investor structure does not guarantee third-party buyers. If Coreshell hits its 2028 electrode target, it would arrive just as the NDAA deadline begins to bite.
Outlook
Coreshell has $30M in fresh equity, a $50M federal award and a strategic silicon supplier on its cap table. What it lacks is public proof of automotive-grade durability and a disclosed valuation. The defense market offers a faster path to revenue than cars, and the 2027 gigafactory announcement is the next milestone to watch.
