Standard Energy, a startup that developed the world’s first vanadium ion battery without fire risks, has received strategic investment from Lotte Group.
Lotte Chemical announced on Jan. 6 that it has invested 65 billion won to secure a 15 percent stake in Standard Energy, becoming its second-largest shareholder. Standard Energy was founded by Kim Boo-ki in 2013. Kim graduated from a science high school early and entered the KAIST at the age of 17 and became a college professor at the age of 27. He set up the company at 28.
Unlike conventional lithium-ion batteries, vanadium-ion batteries do not catch fire even if they are overcharged or receive a shock, as its electrolyte, an internal electricity transmission material, is a mixture of water and ground vanadium. Therefore, it can be used in energy storage systems (ESSs), which have high fire risks.
Lotte Chemical has been preparing for the vanadium ion battery business since 2019. It plans to utilize Standard Energy products for electric vehicle charging stations, urban air mobility (UAM) and renewable energy utilization projects.
The global market for ESS batteries is expected to reach about 120 trillion won by 2026.