LG Energy Solution (LGES) said it had acquired a stake in Sion Power, a US startup based in Arizona which has a strong patent portfolio in the field of lithium-metal batteries.
Batteries using lithium-metal anodes instead of graphite or silicon anodes widely used today are said to be more energy efficient compared with current lithium ion batteries but there are some obstacles still to overcomes including the formation of dendrite which affects stability and shortens battery life.
LGES said Sion Power has 470 patents for innovative technology, including one that helps suppress dendrite formation.
LGES said its investment was made through the group’s LG Technology Ventures (LGTV) venture capital firm and Bricks Capital Management (BCM), a US-based private equity investment firm focused on EVs.
It sees this as a “pre-emptive” investment designed to help the company stay at the forefront of next generation battery technology development.
The value of the investment was not disclosed.
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LGES said in a statement: “This investment is a strategic decision to solidify our leadership in the development of next generation technologies in the battery industry. We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas”.
It added it was “expanding its collaboration with various industry players to overcome obstacles and accelerate the technological development of batteries. This includes investing in startups with great potential”.