GM Ventures invests in EV advanced battery startup Soelect

LOTTE CHEMICAL

03/02/2022 05:00

By Paul Lienert
    Feb 3 (Reuters) - General Motors Co  GM.N  is among the
investors in a North Carolina startup developing fast-charging
lithium-metal batteries for future electric vehicles, the
companies said Thursday.
    Two-year-old Soelect announced a Series A raise of $11
million from GM Ventures, KTB Network and Lotte Ventures, an
affiliate of Korea's Lotte Chemical  011170.KS .
    Based in Greensboro, Soelect was founded in 2020 by Jin Cho,
a 25-year battery veteran who has worked previously with LG,
Samsung and Johnson Controls  JCI.N .
    Cho said Soelect has more than 20 customers, mostly in the
automotive industry.
    GM's interest in Soelect dovetails with its previous
investment in and strategic partnership with Massachusetts
battery startup SES, which is scheduled to go public this year.
    GM and SES, a 10-year-old spinout from MIT, have been
jointly developing lithium-metal batteries since 2015, according
to the battery maker.
    EV batteries with lithium-metal anodes hold the promise of
storing more energy -- thus providing longer range between
charges for EVs -- as well as the ability to charge much faster
than vehicles equipped current lithium-ion batteries that
typically use graphite or silicon-rich anodes.
    Spokesman Darryll Harrison said GM's investment in Soelect
"complements" the automaker's partnership with SES and "further
expands our efforts to accelerate the advancement of battery
chemistries."
    Harrison said Soelect's lithium-metal technology "could
serve as an enabler for both future lithium-metal and
solid-state EV battery anode designs."
    SES, also known as SolidEnergy Systems, also has drawn
investment from automakers Hyundai Motor  011170.KS , Kia
Motors, Geely Automobile  0175.HK  and SAIC Motor  600104.SS ,
as well as battery makers LG and SK, according to investor
website PitchBook.

 (Reporting by Paul Lienert in Detroit
Editing by Nick Zieminski)
 ((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))