According to Yonhap news agency, South Korea’s Hyundai Motor Company has spent about $100 million to purchase a stake at a startup lithium metal battery company.
Yonhap was told by a Hyundai Motor official that SolidEnergy’s investment is part of a larger strategy to invest in electrification companies.
SolidEnergy Systems, which was founded in 2012 and spun off from the Massachusetts Institute of Technology (MIT), 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.
During its April earnings call, Hyundai stated that it was developing solid-state battery technology and plans to mass-produce electric vehicles (EVs) in 2030 using solid-state battery technology.
Hyundai currently sources its EV batteries from SK Innovation Co Ltd, LG Chem Ltd’s wholly-owned LG Energy Solution, and LG Chem Ltd.
General Motors and SES announced a partnership in March to increase its battery development. This will allow for a greater electric vehicle driving range with a smaller package.
Estelia is a financial analyst who has been covering the finance industry since 2018. Prior to her career in journalism, Estelia was a security analyst and a copywriter at AS Technology.