Today: Apr 17, 2024

Stellantis goes electric, fuels Tiamat Energy’s sodium-ion EV breakthrough!

3 months ago

TLDR: Stellantis invests in sodium-ion EV battery startup

Stellantis Ventures, the corporate venture fund of Stellantis NV, has invested in Tiamat Energy, a startup developing sodium-ion batteries. Sodium-ion technology offers a lower cost per kilowatt-hour compared to lithium-ion batteries, as it uses abundantly available materials and does not rely on expensive minerals like lithium and cobalt. This investment is part of Stellantis’ efforts to explore alternative battery chemistries and address challenges in securing materials, reducing EV costs, and increasing driving range. Tiamat plans to use the funds to build a sodium-ion battery plant in France and eventually scale up production for electric vehicle applications.

Stellantis Ventures is the strategic investor in Tiamat Energy, a startup focused on developing sodium-ion batteries for electric vehicles. Sodium-ion technology is considered a more affordable alternative to lithium-ion batteries commonly used in EVs. The technology relies on abundantly available materials, reducing reliance on expensive minerals like lithium and cobalt. Stellantis’ investment in Tiamat Energy is part of its broader strategy to explore new battery chemistries and address challenges related to materials, costs, and driving range in electric vehicles.

The investment by Stellantis Ventures is part of the automaker’s commitment to developing sustainable and affordable batteries using widely available raw materials. The company aims to reach carbon net zero by 2038 and sees exploring alternative battery chemistries as a key component of its Dare Forward 2030 strategic plan.

Tiamat Energy, a spin-off of the French National Centre for Scientific Research, plans to use the proceeds from the investment to construct a sodium-ion battery plant in France. The plant will initially focus on producing batteries for power tools and energy storage applications, and then scale up production for electric vehicle applications in the future.

Stellantis Ventures’ investment in Tiamat Energy is part of its broader efforts to support startups developing innovative battery technologies. In 2022, the venture fund had $328 million to invest in such startups. The goal is to address challenges related to securing needed materials for batteries, reducing the costs of electric vehicles, and alleviating range anxiety among potential customers.

Stellantis claims to have enough raw materials secured through 2027, but it is actively exploring alternative solutions to ensure the sustainability and affordability of its batteries in the long term. By investing in startups like Tiamat Energy, Stellantis hopes to contribute to the development of groundbreaking technologies that meet the demands of its customers for emissions-free vehicles with robust driving range, performance, and affordability.