Two-year-old Soelect announced a Series A raise of $11 million in Series A funding from GM Ventures, KTB Networks and Lotte Ventures, an affiliate of Korea’s Lotte Chemical.
see photosGM has previously invested in Massachusetts battery startup SES.
General Motors Co. is one of investors in a North Carolina startup developing fast-charging lithium-metal batteries for electric vehicles of the future, the companies said Thursday. Two-year-old Soelect announced a Series A raise of $11 million in Series A funding from GM Ventures, KTB Networks and Lotte Ventures, an affiliate of Korea’s Lotte Chemical. Based in Greensboro, Soelect was founded in 2018 by Jin Cho, a 25-year battery veteran who has previously worked with LG, Samsung and Johnson Controls. Cho said Solect has more than 20 customers, most of whom are in the automotive industry.
GM’s interest in Soelect coincides with its previous investment and strategic partnership with Massachusetts battery startup SES, which is due to go public this year. According to the battery maker, GM and SES, a 10-year-old spinout from MIT, have been jointly developing lithium-metal batteries since 2015. EV batteries with lithium-metal anodes hold the promise of greater energy storage – thus providing longer ranges between charges for EVs – as well as the ability to charge much faster than current lithium-ion battery-equipped vehicles Which usually uses graphite or anodes containing silicon.
Spokesman Darryl Harrison said GM’s investment in Soelect “complements” the automaker’s partnership with SES and “expands our efforts to accelerate the advancement of battery chemistry.”
Harrison said Soelect’s lithium-metal technology “could serve as an enabler for both future lithium-metal and solid-state EV battery anode designs.”
According to investor website PitchBook, SES, also known as SolidEnergy Systems, has attracted investment from automakers Hyundai Motor, Kia Motors, Geely Automobiles and SAIC Motor, as well as battery makers LG and SK.
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