Sion Power owns key patents related to lithium metal battery technology, which utilizes lithium metal anodes instead of graphite or silicon ones. These batteries are known to offer higher energy efficiency compared to the current lithium-ion batteries available in the market. However, the formation of dendrites has been identified as a factor that could compromise the battery’s lifespan and stability.
In a strategic move to enhance their leadership in battery technology, LG Energy Solution (LGES) has invested in Sion Power’s lithium metal battery technology. The company aims to reinforce its position in developing next-generation technologies within the battery industry. LGES is also in the process of building a battery facility in Arizona, where Sion Power’s headquarters is located. Initially, the plan was to produce 2170 cells with an annual capacity of 27 GWh, but this was later revised in October 2023 to focus on 46-series cylindrical cells in North America.
LGES cited global economic uncertainties as a reason for this shift, expressing concerns about potential impacts on electric vehicle sales and consequent revenue growth in the upcoming year. Despite these uncertainties, LGES remains committed to continuously investing in next-generation technologies and business areas to foster greater competitiveness and create new values in the industry.