Lotte Ventures, GM Ventures and KTB Networks Invest $11M inSoelect, Inc. to Fast Charge Lithium Metal Batteries for Future Vehicles
Greensboro, North Carolina: February 3, 2022 –Soelect, Inc. today announced completion of its $11M 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,” said Sung-Jin Cho, Founder and Chief Executive Officer.
Soelect’s fast charge capable LiX™ anode technologies are an enabler for next generation of lithium metal anode and solid-state batteries for electric vehicles and other energy storage applications. The components can be employed individually or in tandem to increase fast charging rate, safety, energy density and extend battery life thereby reducing total cost over the life of the battery.
“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,” said 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.” said Park In-ku, Vice President of Lotte Chemical.
About Soelect, Inc.
Soelect is creating next-generation battery technology based on lithium metal for use in electric vehicles, consumer electronics, power tools, drones, aviation, military and defense and other applications. The promise of electric vehicles depends on high-performance, safe, and low-cost battery technology, and Soelect is bringing it to the world. For additional information, please visit https://www.soelect.com or contact: office@soelect.com
About LOTTE Chemical Corporation
LOTTE Chemical, which was founded in 1976 and developed into a global general chemical company through international scales and stable profit structures, is Korea’s representative chemical company and has been growing into a ‘Global Top 7 Chemical Company’ by procuring product competitiveness based on its superior R&D capacities and expertise. LOTTE Chemical is poised to take another leap to protect nature and make human life more abundant through the continuous development of products using eco-friendly technologies. Based on ESG management, we will create a more convenient lifestyle for people and a better environment for nature, as we build a tomorrow that is more beneficial to both people and nature.
Media Inquiries – Tim Price media@soelect.com
Employment Inquiries – Lora Robbins office@soelect.com