Hyundai invested $ 100 million in electric vehicle battery startup

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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.

Hyundai invested $ 100 million in electric vehicle battery startup

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.

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