Business
South Korean company Hyundai Motor Co has invested around $ 100 million to buy a stake in a lithium metal battery start-up, Yonhap news agency reported on Sunday, citing industry sources.
FILE PHOTO: The Hyundai Motor logo is seen on the wall at a Hyundai Motor Co New Accent event in Mexico City, Mexico on August 2, 2017. REUTERS / Henry Romero
SEOUL: South Korean company Hyundai Motor Co has invested around $ 100 million to buy a stake in a lithium metal battery startup, Yonhap news agency reported on Sunday, citing industry sources.
“As we have invested in various companies related to electrification, our investment in SolidEnergy is one of them,” a Hyundai Motor official told Yonhap.
Founded in 2012, SolidEnergy Systems (SES), a subsidiary of the Massachusetts Institute of Technology, develops anode-less lithium metal batteries.
SES shareholders include General Motors Co, SK Inc, Tianqi Lithium Corp, among others, according to the company’s website.
In April, Hyundai said in its earnings call that the company is developing solid-state batteries and plans to mass-produce electric vehicles (EVs) using solid-state batteries in 2030.
Hyundai currently sources batteries for its electric vehicles from SK Innovation Co Ltd and LG Energy Solution, wholly owned by LG Chem Ltd.
In March, General Motors announced a partnership with SES to accelerate the development of its batteries, helping to increase the range of electric vehicles in a smaller package.
Hyundai did not immediately respond to a request for comment from Reuters.
(Reporting by Heekyong Yang; Editing by Shounak Dasgupta)
