LG Energy Solution on Thursday announced a strategic equity investment in Sion Power, an Arizona-based battery technology developer, in a bid to take the lead in next-generation lithium-metal battery technologies.
Established in 1994, the US battery technology firm boasts over 470 international patents, particularly in pioneering core technologies needed for lithium metal batteries. One of the company's advanced technologies includes a dendrite-resistant system that protects lithium metal anodes, which are key to achieving higher energy density and ensuring safety.
The investment will be carried out via its corporate venture capital firm LG Technology Ventures, along with a private equity investment firm Bricks Capital Management. The value of the investment was not disclosed under a confidentiality agreement.
“Under this strategic technology partnership, we aim to reinforce our position as a leader in advancing next-generation battery technologies,” said an LG Energy Solution official.
“LG Energy Solution will spare no efforts to invest in the emerging business, to deliver the best value for our customers.”
Lithium-metal batteries are one of the most promising candidates for durable, high-energy-density storage devices. Lithium batteries using metal anodes are also smaller and lighter as they can store more energy in a single cell when compared to traditional lithium-ion batteries with similar capacity, making them ideal for electric mobility.
LG Energy Solution also recently beefed up its next-generation battery portfolio by developing a technology using a borate-pyran-based liquid electrolyte, which significantly boosts the performance of lithium-metal batteries, for the first time with the Korea Advanced Institute of Science and Technology.
