Palo Alto Networks discusses $500 million Clutch Security acquisition
The potential cash purchase would also carry milestone-linked payouts for the startup, whose annual recurring revenue is approaching $10 million.
6K gets conditional approval for $250 million Pentagon factory loan
The battery-materials startup plans a Tennessee plant after a canceled federal grant and uncertainty in the EV market disrupted its original schedule.
Battery-materials startup 6K said it has received conditional approval from the Department of Defense for a $250 million loan to build a Tennessee factory. The planned facility would use a microwave-based process to make battery materials without relying on suppliers from China.
The financing announcement follows setbacks to the project, which had been scheduled to open in 2024. The cancellation of a federal grant, along with uncertainty in the electric-vehicle market, led 6K to revise its plans.
The company previously received a $50 million Department of Energy grant in 2023 through the Bipartisan Infrastructure Law. The Trump administration canceled that funding as part of a broader withdrawal of Biden-era awards, requiring 6K to apply again.
Based in North Andover, Massachusetts, the 12-year-old company uses microwaves to turn metals into plasma before depositing them on a surface. The process cuts the steps needed to produce cathode material, a key battery component. According to 6K, it can accommodate several battery types, including lithium iron phosphate (LFP).