Volta to launch its Solid-State Batteries in 2023

$200 million funding round for solid state battery maker, Factorial Energy

Chinese battery major Volta Technology Limited has announced that it would roll out its solid-state batteries from its pilot production line in Shenzhen in early 2023. Solid-state batteries are referred to as ‘the next-generation battery product,’ which are often called safer and more powerful than traditional lithium-ion batteries.

Volta Technology claims that an electric vehicle with a solid-state battery can have a range of 600 plus kilometers or more. Solid-state batteries have twice the energy storage capacity of lithium-ion batteries. As a result, leading electric vehicle manufacturers are investing heavily in this technology.

Volta had previously stated that it would commercially launch its solid-state batteries in late 2023. But the company’s pilot project is anticipated to accelerate the commercial release of the technology.

Chen Wong, Chief Executive Officer of Volta Technology Limited, said “Through stringent assessment of our technological viability, we are pleased to be able to speed up the timing for mass production. We are now aiming for mass-production of our completed product in early 2023.”

The official statement of Volta held that it has assembled a growing team of dedicated engineers with a passion for chemistry and technology. It added that it’s on a mission to revolutionize energy storage. The company strives to become the industry leader in developing solid-state batteries for the world’s largest electronic vehicle manufacturing companies.

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“Our solid-state technology is almost perfect. We have invested heavily into our research and development over the past six years and, as a result, we are bringing our solid-state battery designs closer to production readiness,” added Patrick Lau, Chief Technology Officer at Volta.

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The solid state batteries are yet to rule the roost in the automobile sector. Volta said that the global solid-state battery industry generated $0.5 billion in 2020 and is anticipated to generate $3.4 billion by 2030.

Investments rise in solid state batteries

Experts believe that despite challenges in the solid state batteries, the tipping point is somewhere near to us when these batteries become commercially viable. Hence, global investments are increasing. Most solid state batteries start-ups are coming up in the US, Taiwan and China.

Electronics giant LG has informed that it will be spending more than $83 billion for the next five years in order to strengthen its position with regards to electric vehicle batteries, AI and clean technology. It categorically held that it looks to develop next generation solid state batteries and also a battery recycling system. Taiwanese EV company Gogoro is investing huge in solid state battery system development and has already come up with a viable prototype.