Forge Nano Secures $40M to Scale U.S. Battery Manufacturing and Commercial Semiconductor Equipment Businesses

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Forge Nano, Inc., a technology company pioneering domestic battery and semiconductor innovations, announced the successful close of $40 million in new funding. The funding was co-led by RockCreek, a global investment firm managing over $15 billion in assets with a strong focus on energy innovation, critical supply chains and advanced manufacturing, and Ascent Funds, a US based global energy technology fund. Additional participants include Top Material (KRX: 360070), Orion Infrastructure Capital and Forge Nano’s existing investors.

With this latest raise, Forge Nano’s total capital investment now exceeds $140 million, adding RockCreek to a shareholder roster that includes GM Ventures, Volkswagen, LG Technology Ventures, Hanwha, Mitsui Kinzoku, Sumitomo Corporation of Americas, Air Liquide , Catalus Capital and SBI Investment.

“RockCreek’s commitment to American manufacturing, energy security and global technology leadership makes them an ideal partner as we continue to scale,” said Paul Lichty, CEO of Forge Nano. “This capital allows us to build on our momentum in two crucial industries needed for U.S. manufacturing leadership – lithium-ion batteries and semiconductors. We look forward to expanding our domestic workforce as we scale our production capabilities and grow our customer base.”

Forge Nano operates two high-growth business units that can directly impact the United States’ advanced manufacturing competitiveness:

U.S.-Made, High-Performance Lithium-Ion Batteries:

Forge Battery, the commercial lithium-ion battery production subsidiary of Forge Nano, designs and manufactures lithium-ion cells with industry-leading energy density that incorporate critical minerals coated using Forge Nano’s Atomic ArmorTM technology. Manufactured using a predominately U.S. material supply chain, the company’s battery products are tailored to provide a secure supply chain and industry leading performance for defense, aerospace and specialty applications. In January 2025, Forge Battery was awarded $100 million by the U.S. Department of Energy to expand domestic cell manufacturing at its North Carolina facility.

Advanced Semiconductor ALD Capital Equipment:

Forge Nano’s TEPHRA™ platform, launched in mid-2024, is the world’s fastest single-wafer semiconductor ALD coating tool with commercial throughput for 200mm wafers. TEPHRA™ produces cutting-edge nano-coatings that can unlock chips with 40% faster processing speeds with 50% reduced power consumption, addressing the industry’s growing demand for next-gen devices, sensors, and edge AI computing. The company’s atomic layer deposition (ALD) tools are engineered and built in the U.S., bolstering America’s domestic semiconductor capabilities.

“Forge Nano’s proprietary technology demonstrates that America continues to be the leader in innovation. Forge’s Atomic Armor significantly improves most battery chemistries with higher energy density, longer cycle life, faster charge speed, and lower risk of thermal runway,” said Mark Gordon, Managing Partner of Ascent Funds. “For semiconductors, Forge’s ALD removes a bottleneck to 3D chip stacking, allowing up to a 50% reduction in energy usage by chips. More efficient batteries are critical to national security.  More efficient semiconductors will amplify the American lead in AI.”

Forge Nano recently installed a new state-of-the-art battery manufacturing line and a  cleanroom production facility for semiconductor ALD tool production, both located at its Colorado headquarters. Forge Nano expects the $40 million investment will be utilized for further domestic manufacturing expansion, as well as to bolster its workforce to support the company’s growing network of strategic partners and customers.