Soelect, Lotte Chemical aim to scale up U.S. output of battery components

LOTTE CHEMICAL

26/04/2022 05:00

By Paul Lienert
    April 26 (Reuters) - Battery startup Soelect and Korean
supplier Lotte Chemical  011170.KS  said on Tuesday they intend
to invest more than $200 million in a joint venture to make
advanced battery components for electric vehicles in the United
States.
    The companies signed a memorandum of understanding to scale
up production of Soelect’s LiX lithium metal anodes for
next-generation batteries with higher energy density and
fast-charging capability.
    The proposed venture aims to boost Soelect’s current pilot
production to high volume by 2025.
    EV batteries with lithium metal anodes have the potential to
store more energy - thus providing longer vehicle range between
charges - as well as the ability to charge much faster than
vehicles equipped with current lithium-ion batteries that use
graphite or silicon-rich anodes.
    Based in Greensboro, North Carolina, Soelect was founded in
2018 and has raised more than $13 million. Investors include
General Motors Ventures, KTB Network and Lotte Ventures, a
member of Korea’s Lotte Group and an affiliate of Lotte Chemical
Corp  011170.KS .  urn:newsml:reuters.com:*:nL1N2UD2A5
    Soelect's founder and chief executive, Jin Cho, has said the
company has more than 20 customers, mostly in the automotive
industry.
    Seoul-based Lotte Group is building its battery materials
business, focused on such key components as electrode foils,
separators and organic solvents for electrolytes.
    General Motors Co  GM.N , which is working with several
battery startups, has said it is considering the use of lithium
metal anodes for its next-generation Ultium battery cells. 
    The automaker has said the investment in Soelect “further
expands our efforts to accelerate the advancement of battery
chemistries” and that Soelect’s lithium metal technology “could
serve as an enabler for both future lithium-metal and
solid-state EV battery anode designs.”
    Several other North American companies are working on
lithium metal anodes, including Toronto-based Li-Metal Corp
 LIM.CD  and SES, based in Woburn, Massachusetts.

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