Seoul, South Korea – Solidus, a startup specializing in key materials for next-generation batteries, announced on February 12th that it has raised 12.4 billion KRW (approximately $9.5 million USD) in a bridge funding round led by Bridge Investment and the Small and Medium Business Administration. This brings the company's total funding to date to 42.2 billion KRW (approximately $32.4 million USD).

Founded in 2020 by Professor Shin Dong-wook of Hanyang University's Department of Materials Science and Engineering, Solidus has invested over 10 billion KRW in developing solid-state electrolytes, a crucial component of solid-state batteries. The company holds more than 100 patents both domestically and internationally.

Solid-state electrolytes replace the liquid electrolytes found in traditional lithium-ion batteries, offering enhanced safety due to their non-flammable nature and resistance to temperature fluctuations. However, the production costs of solid-state batteries have been a barrier to widespread adoption.

With the new funding, Solidus aims to ramp up production by establishing a new manufacturing facility in Hoengseong, Gangwon Province. The plant, slated for completion in the second quarter of this year, will have an annual production capacity of 40 tons of solid-state electrolytes.

"We plan to begin mass production as soon as the Hoengseong plant is completed in the second quarter," said Shin Dong-wook, CEO of Solidus. "We are confident that Solidus will become a key player in the solid-state battery market."

This investment marks a significant step forward for Solidus and the solid-state battery industry as a whole. The company's focus on developing and scaling up the production of high-quality solid-state electrolytes could pave the way for safer and more efficient batteries in the future.