Hyundai Motor To Invest $100 Million In Lithium Metal Battery Startup SolidEnergy Systems: Report

0
571
  • SolidEnergy Systems (SES), which was spun off from the Massachusetts Institute of Technology, develops anode-free lithium metal batteries
  • SES shareholders include General Motors Co, SK Inc, Tianqi Lithium Corp among others, according to the company’s website

The Yonhap news agency reported citing sources that Hyundai Motor Co has invested about $100 million to buy a stake in a lithium metal battery startup called SolidEnergy. An official at Hyundai Motor told Yonhap that that as the company has been investing in various companies related to electrification, tur investment in SolidEnergy is part of that. SolidEnergy Systems (SES), which was spun off from the Massachusetts Institute of Technology, develops anode-free lithium metal batteries.

Boost its battery development

SES shareholders include General Motors Co, SK Inc, Tianqi Lithium Corp among others, according to the company’s website. The report added that during its earnings call that the company had been developing solid-state batteries and planned to mass produce electric vehicles (EV) using solid-state batteries in 2030. It currently sources its batteries for its EVs from SK Innovation Co Ltd and LG Chem Ltd’s wholly-owned LG Energy Solution.

General Motors announced a partnership with SES to boost its battery development, allowing for increased electric vehicle driving range in a smaller package.

LEAVE A REPLY

Please enter your comment!
Please enter your name here