GM Ventures Has Made An Investment In A Company That Is Developing Fast-charging Battery Technology
GM Ventures has made an investment in a company that is developing fast-charging battery technology
Soelect, a battery technology company based in North Carolina, has raised $11 million in a Series A round of funding from investors. Using the additional investment, it wants to scale up its fast charge-capable anode technologies, which may one day be used in the next generation of electric vehicle batteries.
GM Ventures, the corporate venture capital arm of General Motors, has joined as a strategic investor, alongside lead investor Lotte Chemical and investment firm KTB Network, to form a joint venture. According to GM spokesperson Mark Lubin, the company's venture capital arm frequently invests in companies that provide transportation safety or sustainability solutions that can be integrated into future General Motors vehicles, manufacturing facilities, and operational businesses.
In an interview with TechCrunch, Lubin stated that one of the competitive advantages of adding Soelect to GM Ventures' portfolio is the company's quick charge-capable anode technologies, which "may enable future lithium-metal and solid-state electric car battery anode designs." With this, and other investments in the industry, GM Ventures has demonstrated its commitment to speeding the invention of battery technology, which could potentially expand the range of future GM vehicles while also increasing efficiency and lowering the cost of those vehicles.
Soelect is not the only battery company in which the venture capital firm has recently made an investment. SolidEnergy Systems (SES), an MIT spinout business creating a "anode-free" lithium metal battery that improves battery life while simultaneously doubling the energy density of batteries, was also invested in and worked with the company. With the goal of producing a high-capacity, pre-production battery by 2023, SES and General Motors are collaborating on the construction of a prototyping factory in Massachusetts.
However, while General Motors is presently working with partner LG Chem to build two battery manufacturing facilities for its Ultium batteries, the company is open to exploring other potentially lucrative battery agreements as well. The manufacturer announced plans to establish a new battery research center in Michigan in October, with the goal of assisting in the development of long-lasting, fast-charging, and environmentally friendly batteries. The goal of General Motors is to create batteries with an energy density of up to 1,200 watt-hours per liter while simultaneously cutting prices by at least 60%.
