Korea-based LOTTE Chemical and US-based solid-state battery component startup Soelect recently signed a Memorandum of Understanding to review the creation of a joint venture and the construction of a US$200-million GWh-grade lithium metal anode production facility in the United States by 2025.
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.
Earlier this year, LOTTE Ventures teamed with GM Ventures and Daol Investment to invest $11 million in Soelect’s Series A. (Earlier post.) Lotte was the lead investor, with more than 70% of the funding.
We will quickly procure the core technologies for next-generation batteries and preoccupy the global market by integrating LOTTE Chemical’s materials technology and global business capacities with Soelect’s lithium metal anode technologies. We plan to pioneer the future global battery market focusing on the US that has had a high increase in demand for EVs and high battery import dependency.—Lotte Battery Materials Business Head Lee Young-joon
LOTTE Chemical newly established the Battery Materials Business Department headed by the Advanced Materials President Lee Young-joon in March and has been actively pursuing the increased capacity of the battery materials business to serve as part of the future growth engine.
In May of last year, LOTTE invested 233 billion KRW (US$184 million) to construct the production facilities for highly pure ethylene carbonate (EC) and dimethyl carbonate (DMC), which are organic solvents for EV batteries at the Daesan Plant with the goal to complete by the end of 2023.
LOTTE also plans to increase separation membrane current annual production of 4,000 tons to annual production of 100,000 tons by 2025 to reach sales of 200 billion KRW (US$158 million).
LOTTE also 65 billion KRW (US$51 million) in Standard Energy, a developer of vanadium-ion batteries. LOTTE is the second-largest shareholder, with 15% of the shares.
LOTTE Chemical was founded in 1976 and developed into a global general chemical company.