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Soteria Battery Innovation Group

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Security Type
Common Stock
Min Investment
Greenville, SC
Offering Date
August 16, 2023
Expected Close Date
November 14, 2023
Target Raise
No. Investors
Security Price
Number of Employees
Short Term Debt
Cost of Goods
Long Term Debt
Net Income

Company Description

Soteria licenses its lithium-ion battery safety materials into a broad supply base so that every device, whether a hearing aid or an electric bus, can have a battery that is virtually impossible to self-ignite. Having established itself as one of the primary go-to sources for battery safety, Soteria is well-positioned to ensure that these materials are used responsibly by setting world-class safety standards.

Soteria’s technology addresses the ignition event, and stops the flow of energy when a short circuit occurs, preventing ignition. Soteria is licensing its technology to material and cell manufacturers for ultimate sale to end users. Royalties are calculated as a percentage of the battery cost. The Company owns 80 trademarks, copyrights, Internet domain names, and trade secrets. 

The lithium-ion battery market is projected to exceed $400B by 2030 driven by the rapid growth of electric vehicles and utility storage. The SAM for the capital-efficient royalty model is over $4B.The company is targeting 1.5-2% royalties, which makes the TAM $6-8B. Since it can access almost all of that, the SAM is at least $4B. Competitors in the space include Amionx, Meta Materials, and Electrovaya. 

Soteria has formed an open innovation consortium to optimize the network effect as the principal go-to-market vehicle. The consortium is a fee-based network connecting materials suppliers, equipment suppliers, testing labs, licensees, and end users, thus involving a broad array of over 120 worldwide stakeholders involved in optimizing battery innovations for the lithium-ion market. Soteria recently purchased Voltaplex, which may streamline its adoption in small device markets and add revenue and margin immediately. In the future, it plans to enter into a battery pack line for e-bike safety.

Soteria has sold three technology licenses to Glatfelter, Ahlstrom, and Delfort and currently receives $240,000 per year in licensing revenue. The consortium formed by the company has revenue of around $500k per year. Through the purchase of Voltaplex in December 2022, Soteria now has a product distribution business for lithium-ion battery packs with significant ongoing revenue. Revenue of $1.15M was recorded in 2022 compared to $785k in 2021. The net loss was $2.37M in 2022 against $1.54M in 2021. The gross margin was 75%.

Use of Proceeds

The company plans to use the proceeds for R&D, inventory, staffing, working capital and platform fees.

Management Team / Advisory Board Bios

The management team is very strong with many industry advisors on board.

Brian Morin, Co-Founder and CEO
Dr. Brian Morin received his Ph.D. and M.S. degrees from the Ohio State University and began his career at DuPont and Milliken. Brian loves children and has served as a Guardian ad Litem, serves the youth in his church, and hosted foreign orphans in his home. As Co-Founder and CEO, Brian serves the consortium by leading the commercialization of innovative technology. This is his first startup and he works full-time with the company. 

Elliot Reiff, Chief Financial Officer
Elliot Reiff is the CFO of Soteria with over 35 years of finance, investment banking, and senior management experience. Over the past twenty years, Mr. Reiff acted as interim CFO; offering his clients structuring, valuation, consultation, and capital raising services. He also served as Founder and COO of The Venture Alliance, and previously held executive positions for 12 years at Geneva Companies, a $150 million company that served as the nation’s leading provider of valuation and M&A services. Elliot works approximately 30 hours/week. 

Valuation Notes

The company has raised $8.3 million in previous funding. The company has valued itself at $50M pre-money. The valuation looks high for the current stage.

Amount Raised : $435,066
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Security Description

Common stock is a security that represents ownership in a corporation.

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