Samsung and Hyundai invest in solid state battery firm

Solid Power has secured a total of $20m in financing to build a new factory

Samsung and Hyundai have invested in a manufacturer of solid-state batteries.

Colorado-based Solid Power, which produces battery cells for electric cars and aircraft, has secured a total of $20 million (£15.4m) in financing to build a new factory.

Other investors include automotive firm Sanoh Industrial and materials developer Solvay.

The announcement comes about nine months after the firm signed a deal to develop solid-state batteries for BMW’s low carbon cars.

It claims its solid-state units are safer and can hold three times more energy than commonly used lithium versions.

Solid Power expects to complete construction this year and says the site will be fully operational in 2019.

It will be able to produce batteries with about 10MWh of capacity a year.

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