Lotte Chemical to produce lithium metal anodes with U.S. battery startup Soelect

[Source: Lotte Chemical Corp.]

South Korea’s Lotte Chemical Corp. has joined hands with U.S. battery startup Soelect to produce lithium metal anodes for next-generation electric vehicle (EV) batteries.

Lotte Chemical and Soelect signed a memorandum of understanding to invest more than $200 million in a joint venture.

Details such as the exact amount of stake and the location of the plant have not been revealed.

Soelect is a startup that was established in 2018 in North Carolina. It has received around $13 million from General Motors Ventures, KTB Network, and Lotte Ventures in investment funds and has more than 20 customers in the automobile industry.

The two companies are aiming to mass produce Soelect’s current pilot production of lithium metal anodes by 2025.

EV batteries with lithium metal anodes are able to store more energy and charge faster than batteries with graphite because lithium metal anodes can hold around 10 times the number of electrons as graphite, leading to a greater energy density.

Lithium metal anodes are regarded as one of the most promising and viable future battery components by the automobile and materials industry due to their high energy density.

General Motors has stated that it is considering using lithium metal anodes for its next-generation “Ultium” batteries.

POSCO Chemical Co. has also revealed its plans to develop lithium metal anodes at the InterBattery exhibition in March.

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