LG Energy Solution will invest in a U.S. lithium battery technology startup

25 January 2024, 14:04:02

LG Energy Solution will invest in a U.S. lithium battery technology startupLG Energy Solution announced its equity investment in Sion Power, a startup company based in Arizona, U.S. which holds core patents in the field of lithium metal battery technology. A lithium metal battery uses a lithium metal anode instead of a graphite or silicon anode to achieve higher energy efficiency compared to existing lithium-ion batteries. However, progress in its development has been slow due to new challenges including the formation of dendrite, which degrades the battery’s life and stability.

Founded in 1994, Sion Power boasts a strong patent portfolio for its innovative technologies, including the one to help suppress dendrite formation, and the total number of patents it holds amounts to 470. By investing in Sion Power, LG Energy Solution plans to preempt innovative technologies and take the lead in developing next-generation battery technologies.

The investment will be executed through LG Technology Ventures (LGTV), a corporate venture capital firm, and Bricks Capital Management (BCM), a private equity investment firm, both of which LG Energy Solution has committed to invest in.

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Electric motor #2: 157 kW, 350 Nm, Location: Front
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Electric motor #2: 157 kW, 350 Nm, Location: Front
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