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LG Energy Solution invests in U.S. battery startup Sion Power

Collected: 2024.01.26

Distributed: 2024.01.27

Source: Go Direct

[Image source: Yonhap]

South Korea’s LG Energy Solution Ltd. has announced a strategic investment in Sion Power Corp., a technology-driven startup based in Arizona, the United States, known for its innovations in the field of lithium metal battery technology.

The equity investment, disclosed on Thursday, marks LG Energy Solution’s commitment to securing a leadership position in the rapidly advancing landscape of next-generation battery technology.

Further details on the investment were not disclosed.

Sion Power, founded in 1994, is acclaimed for its significant contributions to the development of lithium metal batteries, a technology that employs a lithium metal anode instead of conventional graphite or silicon anodes.

This innovation results in higher energy density, offering over 1.5 times more energy storage capacity than traditional lithium-ion batteries of the same size and weight. Sion Power holds an international patent portfolio, boasting over 470 patents, with a focus on critical aspects such as the anode protection layer, essential for the stability and longevity of lithium metal batteries.

The investment, carried out through LG Technology Ventures (LGTV) and private equity investment firm Bricks Capital Management (BCM), aligns with LG Energy Solution’s commitment to supporting innovative technologies and staying at the forefront of the evolving battery industry.

“This investment represents a strategic move to solidify our leadership in the development of next-generation battery technologies,” said an official from LG Energy Solution.

By Kim Hee-su and Minu Kim

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