Hyundai Motor announces investment of $100 million in battery start-up

Hyundai's investment in SolidEnergy System (SES) which is a lithium metal battery startup shows the automaker's intention to get a strong foothold in
...
The logo of Hyundai Motor. (File photo) (REUTERS)
The logo of Hyundai Motor. (File photo)

Hyundai Motors has announced that is investing about $100 million to buy a stake in a lithium metal battery startup, SolidEnergy System (SES), as reported by an agency. Based in the US, it is an all-solid-state battery developer. This move is being seen as a positive step by the automaker major as it wants to secure its position in the sector of next-generation battery technology.

Also Read : Flying cars will be a reality by 2030, reduce congestion: Hyundai Europe chief

As quoted in the report, an official from Hyundai Motor said that this investment is part of an extensive investment plan in various companies related to electrification. SES is a startup founded in 2012 that separated from the Massachusetts Institute of Technology (MIT) and it is well-known for its development of anode-free lithium metal batteries.

Also check these Vehicles

Find more Cars
Hyundai Kona Electric (HT Auto photo)
BatteryCapacity Icon39.2 kWh Range Icon452 km
₹ 23.79 - 23.98 Lakhs
Compare
View Offers
Hyundai Kona Electric 2024 (HT Auto photo)
UPCOMING
BatteryCapacity Icon64.8 kWh Range Icon418 Km
₹ 25 Lakhs
View Details
Hyundai I20 (HT Auto photo)
Engine Icon1197 cc FuelType IconPetrol
₹ 6.99 - 11.16 Lakhs
Compare
View Offers
Hyundai Tucson 2024 (HT Auto photo)
UPCOMING
Engine Icon1999 cc FuelType IconPetrol
₹ 30 Lakhs
View Details
Hyundai Exter (HT Auto photo)
Engine Icon1197 cc FuelType IconMultiple
₹ 6 - 10.15 Lakhs
Compare
View Offers
Hyundai Creta (HT Auto photo)
Engine Icon1497 cc FuelType IconMultiple
₹ 11 - 20.15 Lakhs
Compare
View Offers

These batteries are said to have 10 times more energy density compared to lithium-ion batteries (LIBs). The company's website reflects shareholders like General Motors Co, SK Inc and Tianqi Lithium Corp among others.

Analysts say that this move is aimed at securing technology for next-generation batteries under the automaker's strategy to internalise batteries. At the beginning of the year, Hyundai Motor had put significant focus to expand its research team on the development of next-generation batteries at its R&D headquarters.

Also Read : Aussie company uses poo power to propel Hyundai Kona EV

It is being said that this investment also helped Hyundai Motor to secure a bridgehead to the urban air mobility (UAM) market. This market is expected to hit 360 trillion won by 2030. A report also said that the company will focus on developing hydrogen fuel cell-based UAM for logistics and transportation in Korea. General Motors also announced a partnership with SES in March to boost its battery development plans.

First Published Date: 05 Jul 2021, 15:48 PM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.