Hyundai will invest $100m in US solid-state battery start-up SolidEnergy Systems (SES), a move that is expected to help Hyundai acquire the next generation of electric vehicle battery technology, according to foreign media reports.
Hyundai has signed a $100m share acquisition contract with SES, industry insiders revealed on July 4th. Hyundai confirmed that it had signed an equity investment agreement with SES, but the company said the two sides had not yet decided on detailed plans such as joint development of batteries. In April, after releasing its first-quarter results, Hyundai unveiled its battery development plan, saying it would trial-produce electric vehicles with solid-state batteries by 2025 and mass production by 2030.
SES is a U.S.-based start-up specializing in the development of lithium-metal batteries. In 2012, the company was spun off from the Massachusetts Institute of Technology. SES is currently preparing for its listing in the United States.
So far, SES has attracted equity investments from American automakers GM and South Korea's SK Group. The company, which aims to commercialize lithium-metal batteries by 2025, is building a factory near Boston to produce battery prototypes, which will begin joint operation with GM in 2023.
In lithium-metal batteries, the anode is replaced by extremely thin lithium foil, so the energy density is higher than that of ordinary lithium-ion batteries. With the increase in energy density, the size of the battery can be reduced, thus reducing the body weight and increasing the vehicle mileage. In addition, the solid-state battery does not need a battery separator because of the use of solid-state electrolytes, thus further reducing the cost and battery volume.
