€189 million invested to increase US output of battery components for electric vehicles
Two US-based companies have agreed to work together on increasing the production of battery components for electric vehicles.
More than €189 million ($200 million) will reportedly be invested to increase the production of battery components for electric vehicles in America, with manufacturers Soelect and Lotte Chemical.
Soelect will increase output of its LiX lithium metal anodes which are used for batteries with high energy density and the ability to charge faster. These batteries have the ability to preserve more energy, giving drivers more time operating their vehicle between recharging. Electric vehicles will also be able to charge faster using these anodes, more so than using lithium-ion batteries.
Soelect is a battery startup that was founded in 2018 and has since made an impression in the automotive industry. The company claims to have more than 20 clients, with the majority coming from the automotive industry.
General Motors Co is reportedly working with a variety of battery startups, and has announced that it may implement lithium metal anodes for its new Ultium batteries. General Motors decided to invest in Soelect to advance its battery operations, and to learn from the company’s battery designs.