Hyundai Invests In Solid-State Battery Company Ionic Materials
Hyundai CRADLE, the corporate venturing and open innovation business arm of Hyundai Motor Company, is investing in the solid-state battery start-up Ionic Materials
The press release doesn’t contain details or amount invested, but Hyundai is calling the move a strategic investment.
The South Korean manufacturer is not the only one who is looking for promising solid polymer electrolyte technology, as recently Ionic Materials raised $65 million and attracted investment from Alliance Ventures (venture arm of Renault-Nissan-Mitsubishi Alliance).
“Ionic Materials is a materials technology company developing advanced materials for high-energy-density batteries that are safer and less expensive than current ones. Using a patented solid polymer material, Ionic Materials enables solid-state batteries that are inherently safe, affordable, high in energy density and operational at room temperature. The special properties of Ionic Materials’ polymer electrolyte also support lithium-ion cells with little to no cobalt in their cathodes.
Expected Benefits of Solid-State Batteries:
- Inherent Safety: Eliminates safety issues with liquid electrolytes
- Higher Performance: Enables higher energy anodes and cathodes
- Lower Cost: Reduces battery cost through less expensive chemistries and manufacturing”
“Further advancements made possible by Ionic Materials’ polymer will support additional high-energy and eco-friendly battery chemistries, including lithium metal, lithium sulfur and inexpensive and low-cost rechargeable alkaline batteries.”
John Suh, vice president of Hyundai CRADLE said:
“Ionic Materials’ breakthrough technology could significantly improve battery technology today. We are always looking for ways to ensure our cars provide the highest level of clean and efficient solutions. Our investment in Ionic Materials will keep us at the forefront of battery development, allowing us to build better eco-friendly vehicles.”
Mike Zimmerman, founder and CEO of Ionic Materials said:
“The investment by Hyundai represents another key company milestone and demonstrates our rapid momentum as we develop polymer-based materials for solid-state batteries. With the ongoing help of our investment partners, we have expanded our facilities and are adding to our team to meet the ever-growing demand for this technology.”