Bedrock Materials to Establish R&D Hub in Fulton Market District
The Fulton Market district in Chicago is about to become a hotbed of innovation as Bedrock Materials, a battery technology startup, sets up its research and development hub in the area. Founded in Silicon Valley just last year, Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries.
The company will initially operate out of mHUB, an 80,000-square-foot business incubator on West Fulton Street, with plans to establish a larger, permanent facility later this year. This move comes on the heels of Bedrock Materials successfully raising $9 million in seed funding, paving the way for their expansion into the Midwest.
The Illinois Department of Commerce and Economic Opportunity’s Reimagining Energy and Vehicles program played a key role in incentivizing Bedrock’s relocation to Chicago. Through a tax credit agreement, the company has committed to investing $2.5 million and creating at least 25 jobs in the region. This investment will be used for equipment purchases and leasing a manufacturing facility of at least 15,000 square feet by the end of 2028.
Spencer Gore, co-founder and CEO of Bedrock Materials, highlighted the strong materials science research institutions in the region, including Northwestern University, University of Chicago, University of Illinois, and Illinois Institute of Technology, as key factors in the company’s decision to move to Chicago. Gore emphasized the expertise and talent pool available in the area, particularly citing Argonne National Laboratory’s groundbreaking work in sodium-ion technology.
Illinois Governor J.B. Pritzker welcomed Bedrock Materials to the state, underscoring the growth of the electric vehicle supply chain in Illinois and the potential for job creation and innovation within the state’s EV economy. The Pritzker Traubert foundation, a supporter of mHUB, has been instrumental in fostering a culture of innovation and entrepreneurship in the region.
Bedrock Materials’ $9 million financing round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures, with additional contributions from investors in the electric vehicle and battery sectors. The company’s expansion to Chicago signals a new chapter in the city’s tech and innovation landscape, with exciting prospects for the future of sustainable energy solutions.