Exclusive: ‘I’ve seen this movie before’: A Michigan-raised ex-Tesla exec raises $45 million to break China’s grip on batteries

Steven Prast, a former Tesla manufacturing executive, now leads Holyvolt, a battery-materials company aiming to break China's dominance in the battery industry. Prast argues that lithium-ion technology is only 20% through its maturity curve, and the West won't win the rest by competing with China. Holyvolt has raised $45 million in equity funding, valuing the company at $245 million.

The startup is developing alternative battery chemistries that China does not control, seeking to invent better materials and processes in the West. Holyvolt uses a lab from Wildcat Discovery Technologies, where over 225 projects have been run with more than 85 customers. Holyvolt's focus is on a new cathode material called DRX, which offers NMC-like performance at roughly the cost of LFP.

The company plans to commercialize DRX in 2027, targeting unmanned aerial vehicles, mobility, and data centers. Prast's personal connection to the auto industry drives his determination to compete with China's battery dominance.