To Unveil New Battery on Nov. 3
SES of the United States, a global all-solid-state battery developer which received investments from Hyundai Motor and SK Corp. of Korea and General Motors of the United States, has developed a next-generation battery that dramatically improves driving performance and offers improved safety.
SES will hold Battery World online in the United States on Nov. 3 to unveil the new hybrid lithium metal battery. It features a density of 417 watt-hours (Wh) per kilogram. Considering that the energy density of other lithium-ion batteries is 250 to 300 Wh per kilogram, the new battery offers a 30 percent increase in mileage.
The new hybrid lithium metal battery also shows an improved charging performance. It can charge from 10 percent to 90 percent in 12 minutes at high speed. By contrast, the existing high-end batteries charge from 10 percent to 80 percent in 18 minutes. Even after 800 and 550 repetitions of charging and discharging, its battery power stays at 80 percent and 90 percent, respectively.
SES is seeking to have an IPO by merging with special-purpose acquisition company (SPAC) Ivanho Capital Acquisition, which is listed on the New York Stock Exchange, in November. The value of SES is estimated at US$3.6 billion. It plans to build a lithium metal battery production plant in Shanghai, China, with funds secured through the listing. The plant is scheduled to start mass production in 2025.
SK Innovation also announced on the same day that it will invest US$30 million in Solid Power, a U.S. company that competes with SES, and jointly develop and produce all-solid-state batteries.