Porsche Ventures invests in Li-ion battery company South 8 Technologies.
South 8 Technologies (South 8), a lithium-ion battery innovator, today announced Porsche Ventures, the venture capital arm of the sports car manufacturer, Porsche AG, as its newest strategic investor, joining existing investors Anzu Partners, LG Technology Ventures, Lockheed Martin Ventures, Taiyo Nippon Sanso and Foothill Ventures.
Global lithium-ion battery demand for EVs and stationary energy storage is projected to grow 6x in 12 years: from 950 GWh in 2023 to more than 5,800 GWh in 2035 according to Bloomberg New Energy Finance. Only 4% of the utilized lithium-ion production capacity is based in the United States.
South 8 is leading the U.S. market with an electrolyte solution that directly addresses common pain points of conventional lithium-ion batteries by enhancing range and performance in extreme environments. End-users include customers in EV, defense, aerospace, industrial, marine and stationary storage markets.
Tom Stepien, South 8’s CEO, said:
Porsche Ventures is an exceptional addition to our investor syndicate. As the venture capital arm of Porsche, they are keenly in tune with the battery imperatives for next-generation EVs and hybrids.
“With more frequent harsh weather events around the globe, it is increasingly obvious that we need a battery that is optimized for reliable energy performance in extreme climates.”
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Porsche Ventures invests in Li-ion battery company South 8 Technologies. source
