SK Innovation said on Thursday that it will invest US$30 million into US solid-state battery firm Solid Power.
The pair will collaborate to develop and manufacture solid-state batteries.
They will aim to develop a product with an energy density of 930Wh/L, which will be 30% higher than existing lithium-ion battery’s 700Wh/L.
SK Innovation means an electric vehicle’s drive distance will be extended from 700km to 930km with the battery swap.
The pair will aim to apply silicon anode and nickel, cobalt and manganese oxide cathode, as is used in current lithium-ion batteries, for the solid-state battery.
This means the new battery can be manufactured at existing facilities, which will allow them to save cost and commercialize the new products faster.
Solid Power currently has a testing production line at its headquarters in Colorado.
It is planning to build additional equipment to start manufacturing solid-state electrolytes.
Meanwhile, SK Innovation is also planning to build a 60GWh battery factory in the US through Blue Oval SK, its joint venture with Ford.
SK On, the battery-making subsidiary of SK Innovation, is also reviewing potentially manufacturing lithium iron phosphate (LFP) batteries.