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

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