Enevate Corporation said that LG Chem has made an investment in the company during its recent funding round. Enevate is working on Li-Ion technology which company says can enable electric vehicles to charge at the same speed as gas cars.
The US-based firm claimed that its HD-energy technology for electric vehicles will allows Li-ion batteries to be charged to 75 percent capacity in five minutes, while also providing higher energy densities than available for today’s current long-range EVs. The company said that the battery can also safely charge and discharge down to -40°C and capture more energy during regenerative braking, extending their range in cold climates.
“The strategic investment from LG Chem indicates the significance of our technology because it could directly address consumer concerns with EVs, such as charge time and range anxiety, cost, and safety,” says Robert A. Rango, Enevate’s President and CEO. “We look forward to our strategic partnerships with companies such as LG Chem to commercialize advanced batteries that will accelerate the adoption of EVs worldwide.”
Enevate is headquartered in California. The company develops and licenses advanced silicon-dominant Li-ion battery for the electric vehicle (EV) market.
The current investors include Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Infinite Potential Technologies, Presidio Ventures – a Sumitomo Corporation company, CEC Capital, Samsung, Lenovo, and LG Chem.