Updated January 12th, 2024 at 13:20 IST
Stellantis to invest in sodium-ion battery maker Tiamat
These investment aims to broaden Stellantis's electric vehicle (EV) production capabilities while mitigating reliance on scarce resources.
Expanding EV business: Stellantis revealed its investment in Tiamat, a French startup specialising in sodium-ion batteries on Friday. This investment aims to broaden Stellantis's electric vehicle (EV) production capabilities while mitigating reliance on scarce resources.
Although the specific financial details of Stellantis's investment remain undisclosed, it forms part of Tiamat's initial fundraising round, targeting a total sum of 150 million euros. Herve Beuffe, the Chief Executive of Tiamat, informed reporters that a portion of these funds will facilitate the establishment of a battery manufacturing facility in northern France.
Scheduled to become the fifth 'gigafactory' dedicated to the electric vehicle supply chain within the region, this facility is projected to commence operations with an initial capacity of 0.7 gigawatt-hours by 2026. Subsequent expansion plans envisage scaling this capacity to 5 GWh by 2029.
Building competitive batteries
Established in 2017 as a spin-off from France's State Institute for Scientific Research, CNRS, Tiamat purports to develop competitive batteries devoid of lithium. Instead, the company utilises sodium, a more abundant resource. While these batteries may offer a more economical alternative, they generally provide a shorter range. However, Tiamat contends that this limitation can be offset by the batteries' enhanced charging capabilities.
Ned Curic, the Director of Engineering and Technology at Stellantis, articulated that the collaboration aligns with the company's broader objectives outlined in its 'Dare Forward 2030' strategic plan. Specifically, Stellantis aims to achieve carbon neutrality by 2038 by exploring sustainable and cost-effective battery solutions utilising readily available raw materials.
(With Reuters inputs)
Published January 12th, 2024 at 13:20 IST