Global automotive supplier Hanon Systems invests into Solid Power, a Colorado-based developer of solid-state rechargeable battery technology. The investment is part of a special-purpose vehicle initiated by Volta Energy Technologies, which specialises in identifying and investing in breakthrough energy technology by bringing together investors with complementary strategic interests, and validating the technologies through leading institutions including Argonne National Laboratory.
“We are partnering with industry convener Volta for its technical expertise along with the company’s ability to bring together stakeholders interested in promoting the global adoption of eco-friendly vehicles,” said In-Young Lee, president and chief executive officer of Hanon Systems.
The lithium-metal enabling technology by Solid Power is a solid conductive material considered to be a viable replacement to the liquid electrolyte used in today’s lithium-ion batteries. Among the benefits from this solid-state material includes increased energy density and improved efficiency.
The investment by Hanon Systems is intended to provide early insight into the next generation of automotive thermal and energy management solutions for electrified vehicles.
As an automotive thermal and energy management company, Hanon Systems offers a suite of solutions to support electrified vehicles. One set of solutions that has been sought after by automakers for more than a decade focuses on helping to maintain an optimal and consistent battery temperature in an electric vehicle (EV). The underlying principle behind the development of these technologies is to create a more stable battery temperature, which directly correlates to how far the vehicle can travel on a single battery charge. The research surrounding solid-state batteries offers an appealing value proposition to the company.
Hanon Systems is one of several companies that include major automakers to invest in Solid Power. The investment figures have not been revealed by both the companies. Solid Power has recently reported that it has just raised $20 million (Rs 147 crore) from the likes of Samsung, A123 Systems, and Hyundai Cradle. The startup has a working prototype of an all-solid-state, rechargeable, lithium-metal battery, which industry experts say could be the future of batteries used in consumer electronics and electric vehicles.