Hyundai Cradle, the OEM’s corporate venturing and open innovation business arm, is investing in materials technology company Ionic Materials to develop advanced battery technology and improve EV performance through solid-state battery development.
Ionic Materials, a privately held battery developer based in Massachusetts in the USA, works on high-energy density batteries with high levels of safety and reduced costs compared with currently available solutions.
Using a patented solid polymer material, Ionic Materials is developing solid-state technology that is also operational at room temperature. Ionic Materials’ polymer electrolyte also supports lithium-ion cells with little or no cobalt in the cathodes.
“Ionic Materials’ breakthrough technology could significantly improve battery technology today,” said John Suh, vice president of Hyundai Cradle.
“We are always looking for ways to ensure our cars provide the highest level of clean and efficient solutions. Our investment in Ionic Materials will keep us at the forefront of battery development, allowing us to build better eco-friendly vehicles.”
“The investment by Hyundai represents another key company milestone and demonstrates our rapid momentum as we develop polymer-based materials for solid-state batteries,” added Mike Zimmerman, founder and CEO of Ionic Materials.
“With the ongoing help of our investment partners, we have expanded our facilities and are adding to our team to meet the ever-growing demand for this technology.”