Hyundai Motor Company will reportedly invest approximately $US100 million in US battery start-up SolidEnergy Systems in an effort to accelerate its own electromobility plans.
According to “industry sources” who spoke to South Korean outlet Yonhap News Agency on Sunday, Hyundai will invest 114 billion won, which converts to around $A133 million, in acquiring a stake in SolidEnergy Systems (SES).
“As we have been investing in various companies related to electrification, our investment in SolidEnergy is part of that,” an official at Hyundai Motor told Yonhap.
Little more is known about the potential investment, and Hyundai has not yet made any official announcement, nor responded to outlets to confirm the news.
The Singapore-based SolidEnergy Systems, which manufactures lithium metal battery materials, cells, and modules, already boasts big-name shareholders including General Motors, Applied Materials, and Shanghai Auto.
Founded in 2012 as a spin-off from the Massachusetts Institute of Technology, SES was named in March as a new development partner with General Motors as the latter seeks to develop the next generation of its Ultium battery chemistry.
Hyundai, on the other hand, has been making its own moves to establish long-term supply of electric vehicle batteries – a growing trend amongst automotive companies as the move towards electromobility threatens already strained battery supply chains.
Currently, Hyundai sources EV batteries from SK Innovation, CATL, and LG Chem, but is also developing its own solid-state battery technology in-house.