SK On, Solid Power tighten partnership to develop 'dream batteries'

Industry

Published: 17 Jan. 2024, 15:11

SK On, Solid Power tighten partnership to develop 'dream batteries'

SK On Chief Commercial Officer Sung Min-suk, left, and Solid Power CEO John Van Scoter pose for a photo after signing a technology agreement on Jan. 10 at CES 2024 in Las Vegas. [SK ON]

SK On will strengthen its partnership with Colorado-based Solid Power to accelerate the development of all-solid-state batteries, also known as “dream batteries.”

The Korean battery maker said Wednesday it signed a research and development technology license deal with Solid Power on the sidelines of CES 2024 to get the full rights to the U.S. startup's technologies on solid-state batteries.

Solid Power will also supply SK On with sulfide-solid electrolyte, the main element for making solid-state batteries.

Solid-state batteries are touted as "dream batteries" for their high energy density and safety. They have yet to be commercialized by any company in the world and all three Korean battery makers have jumped to the race.

SK On is expected to build a pilot production facility in its research center in Daejeon by 2025.

The two companies' relationship started in 2021 when SK invested $30 million in Solid Power. The U.S. company has also received investment from global carmakers including Ford and BMW.

BY SARAH CHEA [chea.sarah@joongang.co.kr]