Hyundai to invest $100 million in SolidEnergy Systems

Hyundai Motor has invested about $100 million to purchase a stake in a lithium metal battery startup, according to a report by the Yonhap news agency.

“As we have been investing in various companies associated with electrification, our investment in SolidEnergy is part of that,” an official at Hyundai Motor informed the news agency.

SolidEnergy Systems (SES) was founded in 2012 and is headquarted in Singapore. It develops anode-free lithium metal batteries.

SES shareholders include General Motors, SK Inc, Tianqi Lithium, and others.

Hyundai currently deals with SK Innovation and LG Chem for batteries for its electric vehicles.

In March, General Motors announced a partnership with SES to increase its battery development, permitting increased electric vehicle driving range in a smaller package.