Caterpillar Ventures makes strategic investment in Fisker Inc
The investment will accelerate development of Fisker Inc's solid-state battery technology for applications in construction, energy storage, transportation and mining industries.
Henrik Fisker, the well-known automobile designer and entrepreneur, who is driving the development for Fisker Inc, has announced that it has received strategic investment from Caterpillar Venture Capital.
The venture capital firm is a wholly owned subsidiary of Caterpillar Inc, the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
Fisker has filed for patents securing solid state battery technology that it claims will enable a 500-mile / 800-kilometres range and charging that can take just one minute. It is said that the technology could be production-ready for automotive platforms as soon as 2023, but that non-automotive applications may be able to utilise it earlier.
The investment will give a push to commercialisation of the solid-state batteries. The partners say Caterpillar Ventures' investment in Fisker Inc, illustrates a mutually recognised importance that electrification solutions will represent to multiple business segments in the future.
While Caterpillar and Fisker serve fundamentally different industries, advancements in electrification technologies pose increasing importance and offer the potential to positively impact customer value for the right products.
Also read: Fisker plans India tech centre, seeks government support for battery and EV plants
Henrik Fisker joins advisory board of Motec Ventures
RELATED ARTICLES
Skoda begins sale of made-in-India CKD Kushaq in Vietnam
Before production started, pre-series Kushaq vehicles covered over 330,000 kilometres on a variety of Vietnamese roads a...
Six Japanese companies join forces to expand use of recycled materials in new vehicles
Denso, Toray Industries, Nomura Research Institute, Honda Motor, Matec Inc and Rever Corporation have set up the BlueReb...
BYD selects Voestalpine as steel supplier for its Hungarian plant
The announcement of the Austrian steelmaker as a supplier demonstrates BYD’s strategic plan to source from high-quality,...