Battery startup Soelect and Korean supplier Lotte Chemical said on Tuesday they intend to invest more than $200 million in a joint venture to make advanced battery components for electric vehicles in the United States.
The logo of Lotte Chemical is seen at its building in Seoul, South Korea, June 7, 2016. REUTERS/Kim Hong-Jisaid on Tuesday they intend to invest more than $200 million in a joint venture to make advanced battery components for electric vehicles in the United States.
The companies signed a memorandum of understanding to scale up production of Soelect’s LiX lithium metal anodes for next-generation batteries with higher energy density and fast-charging capability.Register now for FREE unlimited access to Reuters.
Based in Greensboro, North Carolina, Soelect was founded in 2018 and has raised more than $13 million. Investors include General Motors Ventures, KTB Network and Lotte Ventures, a member of Korea’s Lotte Group and an affiliate of Lotte Chemical Corp
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