Car manufacturer Hyundai Motor will invest 114bn won ($100m) in SolidEnergy Systems (SES), a US-based lithium-metal battery developer previously backed by corporates General Motors, SAIC Motor and Applied Materials, Yonhap news agency has reported, citing industry sources.
Founded in 2012 as a spin-off of the Massachusetts Institute of Technology, SES develops semi solid lithium-metal rechargeable batteries for the aeronautics, space, consumer drones, consumer electronics and automotive industries.
SES completed a $139m series D round in April 2021, which was led by carmaker General Motors and backed by Applied Ventures, the investment arm of semiconductor technology provider Applied Materials, conglomerate SK Group, automotive manufacturer SAIC Motor, Singaporean state-owned investment firm Temasek and its subsidiary Vertex Ventures.
SES had previously raised raised $34m in a January 2018 series C round from undisclosed investors and $12m in a January 2016 series B round led by General Motors with contributions from SAIC Motor, Applied Ventures and all its series A investors. Prior to this, the company had captured $6.7m from undisclosed investors in September 2015.