Adds specifics from the launch, history
April 19 (Reuters) – SES stated on Monday it had lifted $139 million in a funding round led by Common Motors GM.N, as the lithium steel battery startup benefits from mounting desire for electrical autos.
GM previous thirty day period introduced a partnership with SES to increase its battery progress, allowing for larger electric car driving range in a lesser package – a important goal for automakers as they drive to roll out electric motor vehicles. (https://reut.rs/2P3UDn6)
“GM has been swiftly driving down battery mobile expenses and enhancing vitality density, and our get the job done with SES know-how has extraordinary potential to produce even better EV performance for clients who want a lot more selection at a reduce cost,” GM govt vice president Matt Tsien claimed in a assertion.
The organizations prepare to establish a production line in Woburn, Massachusetts to assemble a prototype battery by 2023. GM in 2015 invested an undisclosed volume in SES.
The startup said on Monday that its most up-to-date funding round also provided current buyers SK Inc, Singapore point out fund Temasek, Used Ventures LLC, Shanghai Automobile and Vertex.
(Reporting by Shreyasee Raj Modifying by Aditya Soni)
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