Hyundai To Invest In SolidEnergy Systems
By Sahil Gupta
1 mins read
Published on July 8, 2021
- Hyundai is planning a $100 million investment in SES
- Previously, General Motors had invested and partnered with the startup
- Hyundai plans on making solid state batteries by 2030
Hyundai is about to become the second major automaker which will invest in battery startup SolidEnergy Systems. The 9 year old company that was spun out of the world famous Massachusetts Institute of Technology, is gearing up for a $100 million investment. The startup makes batteries based on anode free batteries based on Lithium.
"As we have been investing in various companies related to electrification, our investment in SolidEnergy is part of that," an official at Hyundai Motor told Yonhap.
SES counts General Motors as a major investor and also SK Inc which is one of the biggest battery suppliers in the world. In April, Hyundai revealed that it has been developing sold state batteries and had plans to mass produce vehicles based on the technology by 2030. Looks like, it had been working with SES.
Currently, Hyundai mostly sources its batteries from LG Energy Solutions and SK Innovations but it has run into a host of issues with the batteries in its EVs with numerous recalls.
General Motors which also announced a partnership with SES in March hasn't talked much about solid state batteries but it did say it was seeking the help of the startup to enhance its Ultium batteries that would allow for enhanced range with small batteries.
Solid State Batteries are considered the next frontier in battery tech. Mostly, the charge is being led by VW group backed QuatumScape which will likely be the first vendor to commercialise the technology.
Last Updated on July 8, 2021
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