Solidion Technology Inc. (NASDAQ: STI) completed a private placement of 2.33 million shares of common stock, raising $35 million in gross proceeds before offering expenses, according to a company statement.

The Dallas-based battery technology company priced the shares above market under Nasdaq rules. The company stated the proceeds will fund operations through 2028 and support commercialization of its battery technology for space applications and other markets.

Solidion plans to use the net proceeds to advance commercialization of its battery technology, fulfill customer demand, expand inventory, build and test prototypes, and for working capital and general corporate purposes.

"This financing further validates the market's growing recognition of Solidion's technology platform and strategic positioning," said Chief Executive Officer Jaymes Winters. "With more than two years of runway following this financing, we are fully funded to advance commercialization and drive battery technology innovation."

Titan Partners, a division of American Capital Partners, served as the sole placement agent for the offering.

The securities issued in the private placement have not been registered under the Securities Act of 1933. Solidion agreed to file a resale registration statement with the Securities and Exchange Commission to register the resale of the shares issued in the private placement.

The company develops battery materials and components for energy storage applications including data centers, electric vehicles, and aerospace. Solidion holds over 385 patents covering silicon anodes, graphite, and lithium-sulfur technologies. The company operates pilot production facilities in Dayton, Ohio.