LG Energy Solution is advancing into securing next-generation lithium metal battery technology through equity investment in Sion Power, a U.S.-based battery development venture. On Jan. 25, LG Energy Solution announced its equity investment in Sion Power, located in Arizona in the U.S., and agreed to pursue technological cooperation. The specific shareholding ratio and investment amount were not disclosed following mutual agreement between the two companies.
Lithium metal batteries, which use metal anode materials instead of graphite anodes found in conventional lithium-ion batteries, offer the advantage of higher energy density per unit, allowing for reduced weight and volume. This investment is expected to secure LG Energy Solution a leading position in lithium metal battery technology.
Founded in 1994, Sion Power is recognized as a pioneer in the next-generation battery technology sector, particularly in lithium metal batteries, holding over 470 international patents, including those related to the crucial anode protection layer technology. This technology is significant for addressing the “dendrite” issue, a major challenge in lithium metal battery development. Sion Power’s lithium metal batteries, while maintaining the size and weight of conventional lithium-ion batteries, can store more than 1.5 times the energy.
The investment will be made through LG Technology Ventures, LG Energy Solution’s corporate venture capital commitment, and Bricks Capital Management, a private equity fund. An LG Energy Solution official stated, “This investment is a strategic move to solidify our leadership in the next-generation battery technology sector. LG Energy Solution will continue to invest in new technologies and businesses to create new value and competitiveness, providing the best customer value.”