Hyundai invests $100 million in SolidEnergy Systems, a lithium metal battery startup

According to a report by Yonhap news agency, citing industry sources, Hyundai Motor Co has acquired a stake in SolidEnergy Systems, a lithium metal battery startup, while investing nearly $100 million.

Established almost a decade ago, SolidEnergy Systems (SES) is specialized in development of anode-free lithium metal batteries.

Among the company’s shareholders are General Motors Co, SK Inc as well as Tianqi Lithium Corp.

“As we have been investing in various companies related to electrification, our investment in SolidEnergy is part of that,” a representative from Hyundai Motor Co was quoted as saying by Yonhap news agency.

At present, the South Korean auto maker sources the batteries for its electric vehicles from SK Innovation Co Ltd and LG Chem Ltd’s wholly-owned LG Energy Solution.