Tech Company Moves HQ to Fulton Market Incubator

The Fulton Market district is set to become a research and development hub for Bedrock Materials, a battery technology startup founded in Silicon Valley last year.

The company, which produces essential materials for low-cost, eco-friendly sodium-ion batteries, will temporarily operate out of mHUB, an 80,000-square-foot business incubator at 1623 West Fulton Street, with plans to open a larger, permanent facility later this year, Chicago Inno reported.

The headquarters move follows the company’s successful raising of $9 million in seed funding.

Bedrock’s relocation was incentivized by the Illinois Department of Commerce and Economic Opportunity’s Reimagining Energy and Vehicles program. As part of a tax credit agreement, the company has committed to a $2.5 million investment and the creation of at least 25 jobs. The investment will go toward equipment purchases and leasing a manufacturing facility of at least 15,000 square feet by the end of 2028.

Spencer Gore, Bedrock’s co-founder and CEO, and a graduate of University of Illinois Urbana-Champaign, cited the region’s strong materials science research institutions, including Northwestern University, University of Chicago, University of Illinois and Illinois Institute of Technology, as key factors in its decision.

“There is arguably one active laboratory in America that has produced a successful automotive battery chemistry, and it’s here,” Gore told the outlet. “Argonne National Laboratory wrote the book on modern sodium-ion technology. Today, pulling on the deep regional talent pool they have built, we are excited to perfect and scale it.”

Gov. J.B. Pritzker welcomed the company, emphasizing Illinois’ burgeoning electric vehicle supply chain, which is expected to spur innovation and job creation within the state’s EV economy. The Prtitzker Traubert foundation is a donor to mHUB, according to its website. mHUB is a nonprofit, founded by former World Business Chicago economic development strategist Haven Allen in 2016.

Bedrock Materials’ $9 million financing round was spearheaded by Trucks Venture Capital, Refactor Capital and Version One Ventures, with contributions from numerous other investors in the electric vehicle and battery sectors.

—Quinn Donoghue