LG Chem invested in Enevate in its search for next-gen tech.
Enevate Corporation, a battery start-up which develops silicon-dominant composite anode materials, attracted LG Chem among other investors in the recent funding round.
Details of the transaction or partnership were not announced, but it seems that the South Korean manufacturer had an eye on the progress at Enevate.
Enevate HD-Energy Technology
“This investment is a nod to the viability of Enevate’s technology which could enable Electric Vehicles (EVs) to charge in the same time as gas cars without compromise.”
Enevate promises that its cells are ready for ultra-fast charging in 5-minutes and at the same time store more energy per unit of weight than state-of-the-art commercial lithium-ion cells.
- batteries to be charged to 75% capacity in five minutes
- higher energy densities than available for today’s current long-range EVs
- can also safely charge and discharge down to -40°C and capture more energy during regenerative braking
Robert A. Rango, Enevate’s President and CEO said:
“The strategic investment from LG Chem indicates the significance of our technology because it could directly address consumer concerns with EVs, such as charge time and range anxiety, cost, and safety. We look forward to our strategic partnerships with companies such as LG Chem to commercialize advanced batteries that will accelerate the adoption of EVs worldwide.”
Source: Enevate via Green Car Congress
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