Sodium-ion technology offers lower cost per kilowatt-hour and is free of lithium and cobalt, with abundantly available sodium offering benefits in sustainability and material sovereignty. Tiamat was the first company in the world to have recently commercialized a sodium-ion technology in an electrified product. In early 2024, Tiamat secured €30 million for a planned 5 GWh gigafactory near Amiens, France, aiming for 700 MWh annual capacity by 2025.
Cyborg Score Rationale
Tiamat has secured backing from major investors including Stellantis Ventures, Arkema, MBDA and Bpifrance. The company has achieved first-to-market commercialization of sodium-ion batteries and is scaling manufacturing in France with significant industrial partnerships. However, as a private pre-revenue scaling startup dependent on completion of gigafactory buildout, execution risks remain material.
Top Insights
Tiamat was the first to successfully bring Sodium-ion Batteries to the commercial market, starting with introduction of a power tool for Leroy Merlin.
Tiamat raised €30 million in early 2024 for a 5 GWh factory with production capacity up to 500,000 batteries per day planned for 2029.
The startup has been producing sodium-ion batteries in China, in partnership with Zenergy, since 2023, for use in stationary storage, integration with fuel cells, and handheld tools.
Tiamat signed a contract to develop the gigafactory in May 2024 but has yet to finalize a €150 million funding round announced in 2024, towards an estimated final cost of more than €500 million.
Named Competitors
Naxtra — Leading global sodium-ion battery manufacturer with commercial production launch
Faradion — UK-based sodium-ion battery pioneer for transportation and stationary storage; acquired by Reliance Industries
HiNa Battery — Chinese sodium-ion specialist with multi-GWh production capacity focused on stationary energy storage
Altris — Swedish sodium-ion battery manufacturer producing commercial cells with Prussian White cathode technology
Natron Energy — US-based sodium-ion battery developer focused on industrial and data center backup applications
Recent Developments
(April 2025) Conducted public consultation for 5 GWh Amiens battery factory from April 28 to June 22, with planned first battery production in 2026 for data centers and small appliances before scaling to electric mobility applications
(May 2024) Signed contract to develop gigafactory near Amiens, supported by regional government and local authorities
(Early 2024) Secured €30 million Series C funding for gigafactory construction and scaling to 700 MWh annual capacity by 2025
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