The venture capital unit of French oil and gas giant Total has reportedly acquired a stake in Massachusetts-based polymer tech firm Ionic Materials.
Total, which acquired French battery maker Saft in 2016, told Reuters: “We have decided to invest in Ionic Materials in order to keep a closer look on this technology which may represent one of the most promising path for the development of solid-state batteries.”
The investment was made through Total Energy Ventures, which has reportedly invested some $160 million in more than 30 startups in the technology and energy sector.
Total and Ionic declined to confirm the amount or other details of the investment when contacted by BBB.
Earlier this year, Ionic secured a $65 million funding boost to accelerate development of its solid polymer electrolyte battery material, with cash backers including battery manufactures and firms in the electric vehicles sector.
International automotive alliance Renault-Nissan-Mitsubishi has also announced plans to invest in Ionic with an eye to EV batteries development.
