Seoul, South Korea
Hyundai Motor Co
has invested around $100 million for a stake in SolidEnergy Systems, a lithium
metal battery start-up, according to Yonhap news agency and its industry
sources reported Reuters.
A Hyundai
official was quoted saying that, “As we have been investing in various
companies related to electrification, our investment in SolidEnergy is part of
that.”
The South Korean
carmaker and its management had mentioned in their earnings call in April 2021
that they have been developing solid-state batteries. The company plans to
mass-produce electric vehicles (EV) using solid-state batteries in 2030.
Currently,
Hyundai sources batteries for its electric vehicles from two companies namely,
SK Innovation Co Ltd and LG Energy Solution (which is wholly owned by LG Chem
Ltd).
SolidEnergy
Systems (SES) was founded in 2012 and is a spin-off of the Massachusetts
Institute of Technology. It develops anode-free lithium metal batteries. As per
SES’ website, the company’s shareholders include General Motors Co, SK Inc,
Tianqi Lithium Corp among many others.
In March 2021, General Motors (GM) had announced a
partnership with SES to boost its battery development. This allowed for
increased electric vehicle driving range in a smaller package for GM.
Hyundai did not
respond to Reuters a request for comment on this development till the news was
filed.
Source – ET Auto
Also Read:
Comments