LG Energy Solution (LGES) has announced an equity investment in Sion Power, a prominent lithium metal battery technology startup based in the United States. Renowned for its core lithium metal battery patents, Sion Power’s technology utilizes lithium metal anodes, promising superior energy efficiency compared to conventional lithium-ion batteries.
Despite the potential, Sion Power has faced challenges in the development of its lithium metal battery tech, notably dendrite formation, which impacts battery lifespan and stability.
“This investment underscores our commitment to leading next-generation battery technologies,” stated an LG Energy Solution spokesperson. “By investing in emerging technologies like Sion Power’s, we aim to drive competitiveness and innovation in the battery industry.”
LGES is poised to bolster its battery capabilities with a facility in Arizona, coinciding with Sion Power’s headquarters. Initially slated for 2170 cell production, LGES shifted focus to 46-series cylindrical cells to cater to the North American market.
While LGES anticipates slow revenue growth in 2024 due to global economic uncertainties affecting electric vehicle sales, investments in pioneering technologies like Sion Power’s lithium metal batteries signal a strategic move towards long-term industry leadership and innovation.