Japanese battery maker AESC recently closed on $1 billion, according to a Bloomberg report.
Why it matters: Electric vehicle batteries are continuing to get major funding globally, despite the recent gloomy news from the EV sector.
Details: AESC's Series C round is not done, per Bloomberg. The valuation is "billions of dollars," and is a path for an IPO in the U.S.
Singapore's sovereign wealth fund, GIC, led the company's prior Series B round.
AESC broke ground on a battery factory in Florence County, South Carolina, earlier this year.
Big picture: Despite many automakers like GM and Ford struggling with EV targets, investors continue to back promising battery makers as governments support the sector and consumers and businesses buy more electric vehicles.
