Hyundai Motor to invest in Solid Energy Systems, a next-gen battery company
Hyundai will invest USD 100 million (KRW 113.6 billion) in Solid Energy System corporations, the developer of lithium metal batteries. According to the industry, Hyundai Motor recently signed an equity investment agreement with this company.
Solid Energy, established as a start-up of the Massachusetts Institute of Technology (MIT) in 2021, developed a prototype lithium metal battery, a next-generation battery that made up for the shortcomings of existing lithium batteries. Based on this technology, it signed a joint research contract with General Motors in March.
Solid Energy and General Motors are planning to construct a lithium metal battery test production plant near Boston by 2023, and will commercialise it in 2025.
