The investment by Hyundai CRADLE, Hyundai's corporate venturing business, gives early access to the technology for the South Korean car maker. alongside the Nissan/Renault/Mitsibushi Alliance.
Massachusetts-based Ionic Materials has so far raised $65m to commercialise its patented solid polymer material that enables solid-state batteries that are inherently safe, high in energy density and operational at room temperature with little or no caobalt in the cathodes. This is important as the availability of cobalt is identified as one of the risks for volume production of such batteries.
Volkswagen has invested in QuantumScape, Honda is working with General Motors, Suzuki is working wth Toshiba, Toyota is working with Panasonic and BMW is working with Solid Power.
"Ionic Materials' breakthrough technology could significantly improve battery technology today," said John Suh, vice president of Hyundai CRADLE. "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."
"The investment by Hyundai represents another key company milestone and demonstrates our rapid momentum as we develop polymer-based materials for solid-state batteries," said Mike Zimmerman, founder and CEO of Ionic Materials. "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."
The company is also looking at using the material with other battery chemistries, including lithium metal, lithium sulfur and inexpensive and low-cost rechargeable alkaline batteries.
COBALT SHORTAGES TO HIT BATTERY PRICES
VOLKSWAGEN BETS $100M ON SOLID STATE BATTERIES
HONDA TEAMS WITH GM FOR LITHIUM BATTERIES
ILIKA LEADS ON KEY UK FAST CHARGING SOLID STATE BATTERY PROJECT