EV Battery Startup Soelect Collaborates with Lotte Chemical: Reuters

Battery startup Soelect and Korean supplier Lotte Chemical looked to invest over $200 million in a joint venture to make advanced battery components for electric vehicles in the U.S., Reuters reports.
The companies collaborated to scale up the production of Soelect's LiX lithium metal anodes for next-generation batteries with higher energy density and fast-charging capability.
The proposed venture will boost Soelect's current pilot production to high volume by 2025.
Seoul's Lotte Group built its battery materials business, focused on electrode foils, separators, and organic solvents for electrolytes.
Greensboro, North Carolina's Soelect, raised over $13 million and its investors include General Motors Ventures, KTB Network, and Lotte Ventures.
General Motors Company GM saw Soelect's lithium metal technology as an enabler for future lithium-metal and solid-state EV battery anode designs.