Granode Materials in a SEK 12 million capital round raised from investors from Sweden.

Granode Materials AB, a Sundsvall, Sweden-based developer of next generation anode material for the energy storage market, announced completing a SEK 12 million ($1.4M) capital funding round.

The money was raised locally from Sweden from investors including Lars Thunell, ex SEB, joined by local government agency Almi Invest.

Granode Materials, founded in 2021 as a spinoff from 2D fab AB and led by CEO Björn Forsberg, develops a new graphene-based anode material that makes lithium-ion batteries better and cheaper. The manufacturing method is originally developed at Mid Sweden University in Sweden. The new graphene-based anode material’s properties, make it possible to use a smaller amount of anode material for the corresponding storage capacity, compared to traditional batteries, thusly making smaller, more efficient and cheaper batteries. The new anode product is expected to be brought to market in 2025.