South Korea’s SK Innovation to speculate $30 million in Stable Energy By Reuters

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© Reuters. FILE PHOTO: The SK Innovation logo can be seen in front of the headquarters in Seoul, South Korea on February 3, 2017. REUTERS / Kim Hong-Ji

SEOUL (Reuters) – South Korea’s SK Innovation will invest $ 30 million in Ford Motor-backed solid-state battery developer Solid Power Inc with the aim of jointly manufacturing batteries, the companies said.

The South Korean battery maker, which supplies electric car batteries to automakers such as Ford Motor (NYSE 🙂 Co and Hyundai Motor Co, will buy shares in Decarbonization Plus Acquisition Corporation III, a shell company that Solid Power plans to merge with estimate the combined company at approximately $ 1.2 billion.

“We believe that our partnership with Solid Power will play a critical role in providing higher-energy, lower-cost batteries for longer-range electric vehicles,” said Kim Jun, CEO of SK Innovation, in a press release.

The South Korean company announced in September that it would invest 5.1 trillion won ($ 4.4 billion) in building battery plants in the United States.

Solid-state batteries are a potential game changer for electric vehicles (EV) because they can store more energy, charge faster, and are safer than liquid lithium-ion batteries.

However, they are more difficult and expensive to mass produce and more prone to cracking.

Manufacturers could use existing facilities to make solid-state batteries, Solid State CEO Doug Campbell told Reuters. The company aims to commercialize the technology by 2026, he added.

“A solid-state battery has the potential to provide a dramatically simpler and ultimately less expensive battery pack,” said Campbell.

($ 1 = 1,172,5200 won)

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