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    Faraday Future delays launch of its debut EV FF91 citing a fund crunch

    Faraday Future delays launch of its debut EV FF91 citing a fund crunch

    Live shopping platform Whatnot bags $260 million in Series D funding round

    Live shopping platform Whatnot bags $260 million in Series D funding round

    Nebraska-based clean energy startup Monolith LLC raises $ 300 million in the latest funding round

    Nebraska-based clean energy startup Monolith LLC raises $ 300 million in the latest funding round

    Machine Learning feature startup Tecton bags $100 million in fresh funding

    Machine Learning feature startup Tecton bags $100 million in fresh funding

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      Faraday Future delays launch of its debut EV FF91 citing a fund crunch

      Faraday Future delays launch of its debut EV FF91 citing a fund crunch

      Live shopping platform Whatnot bags $260 million in Series D funding round

      Live shopping platform Whatnot bags $260 million in Series D funding round

      Nebraska-based clean energy startup Monolith LLC raises $ 300 million in the latest funding round

      Nebraska-based clean energy startup Monolith LLC raises $ 300 million in the latest funding round

      Machine Learning feature startup Tecton bags $100 million in fresh funding

      Machine Learning feature startup Tecton bags $100 million in fresh funding

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      Home topics Cars / autonomous vehicles

      Hyundai to invest US$100 million in next-gen battery startup, SolidEnergy Systems

       455 total views,  1 views today

      USTechTimes Editor by USTechTimes Editor
      July 8, 2021
      Hyundai to invest US$100 million in next-gen battery startup, SolidEnergy Systems

      SolidEnergy is a MIT incubated startup

      Share on FacebookShare on Twitter

      Hyundai Motor Co. will invest 114 billion Korean Won, nearly US$100 million in US battery startup SolidEnergy Systems (SES) developing lithium metal batteries. Industry experts said on July 4, 2021, that Hyundai recently signed an equity investment agreement with the startup to morph into a future mobility solutions provider.

      SolidEnergy is a 2021, Massachusetts Institute of Technology (MIT) incubated startup that developed a prototype lithium metal battery. This next-generation battery made up for the shortcomings of existing lithium batteries. Based on this technology, it signed a joint research contract with General Motors in March.

      GM preparing battery for next generation EV

      SolidEnergy and General Motors (GM) plan to construct a lithium metal battery test production plant near Boston by 2023 and commercialize it in 2025. Earlier, GM has announced a strategic investment and commercial collaboration with Controlled Thermal Resources (CTR) to secure lower-cost lithium in the US to develop its next generation of EV batteries to mitigate environmental pollution and lower the cost of EVs.

      GM started the Ultium battery project in 2019 with assistance from LG Chem, breaking ground on its Giga factory in Ohio. The joint venture with LG has resulted in a second factory for battery manufacturing located in Tennessee and a new joint venture with SolidEnergy Systems (SES).

      Korean companies up the ante for solid-state battery 

      In Korea, SK Corp has already invested 30 billion in Solid Energy in 2018 and invested 40 billion more in May to secure its third-largest shareholder status after Singapore’s sovereign wealth fund Temasek and founder Qichao Hu.

      Hyundai Motor is strengthening its ‘battery internalization’ strategy through investment. HM also aims to mass-produce the next-gen solid-state battery by 2027. It has supported its research team to develop next-generation batteries at the research and development headquarters and is focusing on the solid-state battery development

      At a conference held in April, 2021, Hyundai Motor announced that, “We are developing the solid-state battery technology, and planning to mass-produce in the 2030s through the strategic cooperation with specialized battery companies.”

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      Tags: EVfuture techHyundai Motor CorpLithium MetalSESSolid Battery
      USTechTimes Editor

      USTechTimes Editor

      USTechTimes.com is an independent new media site that focuses on the latest technology and digital news in the United States and around the world. The site focuses on new startup launching, startup funding, and development in the startup space.

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