In this report, we review a manufacturer of advanced lithium-ion batteries. This early-stage public company is well-positioned to benefit from growing demand, including mobile, Internet of Things (IoT) and electric vehicles. Key differentiators include its energy density advantage (achieved through design and architecture choices) and silicon anode technology. It also addresses key safety concerns. We analyze the business model, market opportunity, financials, valuation and risks. We conclude with our opinion on investing.