Hanon Systems Invests in Solid Power

Company joins strategic movement to support innovation in automotive energy management solutions and the global adoption of eco-friendly vehicles

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Hanon Systems

Oct 23, 2018, 08:00 ET

DAEJEON, South Korea, Oct. 23, 2018 /PRNewswire/ -- Global automotive supplier Hanon Systems (KS: 018880) today announced its investment into Solid Power, a Colorado-based developer of solid-state rechargeable battery technology.

The investment is part of a special-purpose vehicle initiated by Volta Energy Technologies, which specializes in identifying and investing in breakthrough energy technology by bringing together investors with complementary strategic interests, and validating the technologies through leading institutions including Argonne National Laboratory.

"We are partnering with industry convener Volta for its technical expertise along with the company's ability to bring together stakeholders interested in promoting the global adoption of eco-friendly vehicles," said In-Young Lee, president and chief executive officer of Hanon Systems.

The lithium-metal enabling technology by Solid Power is a solid conductive material considered to be a viable replacement to the liquid electrolyte used in today's lithium-ion batteries. Among the benefits from this solid-state material includes increased energy density and improved efficiency.

The investment by Hanon Systems demonstrates the company's continued focus on e-mobility and will provide early insight into the next generation of automotive thermal and energy management solutions for electrified vehicles.

As an automotive thermal and energy management company, Hanon Systems offers a suite of solutions to support electrified vehicles. One set of solutions that has been sought after by automakers for more than a decade focuses on helping to maintain an optimal and consistent battery temperature in an electric vehicle (EV). The underlying principle behind the development of these technologies is to create a more stable battery temperature, which directly correlates to how far the vehicle can travel on a single battery charge. The research surrounding solid-state batteries offers an appealing value proposition to the company.

Hanon Systems is one of several companies that includes major automakers to invest in Solid Power.

About Hanon Systems
Hanon Systems is a full-line supplier of automotive thermal and energy management solutions for conventional and electrified vehicles. Its offering includes a wide range of solutions in the areas of heating ventilation and air conditioning; powertrain cooling; compressor; fluid transport; and thermal and emissions. The company currently employs more than 16,500 people across 20 countries at its 40 manufacturing and 18 engineering sites. To learn more, visit hanonsystems.com.

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SOURCE Hanon Systems