Nascent Materials just raised $2.3M to cut lithium-ion battery costs with a new cathode process.
Chaitanya Sharma, ex-Tesla Gigafactory and iM3NY lead, left his last gig in November 2023. His stealth startup is tackling cathode powder production — a small but crucial step for cheaper, denser batteries.
The company’s new process could boost cathode energy density by up to 12% and slash costs by 30%. It focuses on lithium-ion-phosphate (LFP) and lithium-manganese-iron-phosphate (LMFP), materials popular in EVs and data centers. These chemistries are getting close to pricier nickel-cobalt types but remain cheaper. 
Sharma told TechCrunch:
“In my mind, developing a new exotic chemistry is not really the way that I want to go,” Sharma said. “I want to develop new ways of making material.”
The startup’s tech uses less energy and produces more consistent cathode particles. Consistent particle size and shape allow tighter packing and better energy density. It can also use lower-purity raw materials, helping diversify away from China’s dominance.
Supply chain inconsistencies hurt smaller cathode makers, Sharma says, pushing iM3NY into Chapter 11 earlier this year. Big players like Tesla get better raw material quality. Nascent aims to even that out:
“That really became the reason why I wanted to launch Nascent Materials — because I want to make sure that I provide consistent materials to all customers,” Sharma added.
The seed round was led by SOSV, joined by New Jersey Innovation Evergreen Fund and UM6P Ventures.
Nascent plans to expand beyond LFP and LMFP to other chemistries like nickel-manganese-cobalt (NMC) and lithium-manganese-rich (LMR), which GM plans to debut in 2028.
Sharma told TechCrunch:
“How can I not rely on China for them?” Sharma said. “That’s really what we are focused on — simplifying the supply chain so we can utilize local raw materials, so that drives the cost down.”
