LG Energy Solution announces equity investment in Sion Power, an Arizona-based startup that holds core patents for lithium metal battery technologies The latest investment is part of company’s dedication to open innovation, joining efforts with competent partners to tackle technological challenges
SEOUL, South Korea, Jan. 25, 2024 /PRNewswire/ — LG Energy Solution (KRX: 373220), a leading global manufacturer of advanced lithium-ion batteries, today announced its equity investment in Sion Power, a startup company based in Arizona, U.S. which holds core patents in the field of lithium metal battery technology.
A lithium metal battery uses a lithium metal anode instead of a graphite or silicon anode to achieve higher energy efficiency compared to existing lithium-ion batteries. However, progress in its development has been slow due to new challenges including the formation of dendrite, which degrades the battery’s life and stability.
Founded in 1994, Sion Power boasts strong patent portfolio for its innovative technologies, including the one to help suppress dendrite formation, and the total number of patents it holds amounts to 470. By investing in Sion Power, LG Energy Solution plans to preempt innovative technologies and take the lead in developing next-generation battery technologies.
The investment will be executed through LG Technology Ventures (LGTV), a corporate venture capital firm, and Bricks Capital Management (BCM), a private equity investment firm, both of which LG Energy Solution has committed to invest in.
"This investment is a strategic decision to solidify our leadership in the development of next-generation technologies in the battery industry," said an LG Energy Solution spokesperson. "We aim to foster greater competitiveness and create new values by continuously investing in next-generation technologies and business areas."
As an industry leader, LG Energy Solution is expanding its collaboration with various industry players to tackle challenging obstacles and accelerate the technological development of batteries, and investing in startups with great potential is also part of the effort. For instance, the company hosts the biennial startup competition, "The Battery Challenge," to discover and reward start-ups across the world for developing intriguing technologies and business ideas.
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution’s ideas and innovations, visit https://news.lgensol.com.
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