South Korean company Hyundai Motor Co has spent about $ 100 million to acquire a stake in a startup that produces lithium metal batteries.
Founded in 2012 at the Massachusetts Institute of Technology, SolidEnergy Systems (SES) develops anode-free lithium metal batteries. SolidEnergy Systems shareholders include General Motors Co, SK Inc, Tianqi Lithium Corp.
In April, Hyundai announced that the company is developing solid-state batteries and plans to begin mass-producing electric vehicles using solid-state batteries in 2030. Hyundai is currently purchasing batteries for its electric vehicles from SK Innovation Co Ltd and LG Chem Ltd.
In March, General Motors announced a partnership with SolidEnergy Systems to accelerate the development of new batteries to extend the range of electric vehicles.
Hyundai did not comment on the information.