South Korean car giant Hyundai has made an undisclosed investment in US-based Ionic Materials’ development of solid-state battery tech for electric vehicles (EV).
The investment by Hyundai’s business innovations arm— Hyundai Cradle— will keep the car firm “at the forefront of battery development, allowing us to build better eco-friendly vehicles”, said vice-president John Suh.
According to Ionic, its “breakthrough polymer is the first solid electrolyte to fully function at room temperature, be compatible with lithium and alkaline-based batteries, and enable new and advanced electrode chemistries to significantly improve battery safety, performance and cost”.
Earlier this year, Ionic secured a $65 million funding boost to accelerate development of its battery material, with cash backers including battery manufactures and firms in the electric vehicles sector.
BBB reported last month that Hyundai was also making inroads into the global power storage market under a second-life EV batteries deal with Finnish energy tech firm Wärtsilä.