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Solid-state battery startup Soelect raises $11M in Series A; including GM Ventures

Soelect recently completed its $11-million Series A financing. Lotte Ventures teamed with GM Ventures and KTB Network to make the investment. Lotte Ventures, through a fund sponsored by Lotte Chemical, was the lead investor.

We’re thrilled to have the benefit of learning from the vast capabilities of our investment partners. Lotte Chemical’s expertise in chemical/material manufacturing, GM’s sophistication in electric vehicle and battery development and KTB’s experience in venture capital will combine to help propel development and commercialization of our technology, and also help us attract top talent.

—Sung-Jin Cho, Founder and CEO

Soelect’s LiX lithium metal anode enables fast charge up to 4C (15 min) at 100% SOC. The LiX anode can be reusable without destroying the processes which is required for most recycling process.

Soelect’s SEM (Solid Electrolyte Membrane) is a non-PEO based polymer electrolyte membrane and can be applied on any electrode materials. It can also free-stand itself without sacrificing its superior ionic conductivity at various temperature range and high voltage stability.

Soelect says that it has developed a unique manufacturing process for its products that can be scaled up for mass production at low cost.

General Motors is committed to investing in and implementing technologies that support the company’s broader vision of a world with zero crashes, zero emissions, and zero congestion, and our collaboration with Soelect to advance lithium metal technology supports this effort.

—Wade Sheffer, Managing Director, GM Ventures

Lotte Chemical already has the strength of its advanced materials for lithium-ion batteries. Based on these capabilities, we are expanding our investment in the field to lead next-generation batteries such as vanadium-ion batteries and all solid-state batteries. We expect to accelerate the commercialization of Soelect’s innovative lithium metal anode and solid electrolyte technologies through the collaboration with Lotte Chemical.—Park In-ku, Vice President of Lotte Chemical

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