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Ben Geman Feb 8
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Auto and tech players back solid-state battery company

Renault electric concept car Zoe at 2018 car expo
Renault's electric concept car ZOE e- Sport on display during Auto Expo 2018 earlier this month. Photo: Burhaan Kinu / Hindustan Times via Getty Images

Ionic Materials has raised another $65 million to help the development and commercialization of its plastic solid-state battery tech, with funders including an alliance of auto giants Renault, Nissan and Mitsubishi and a relative newcomer Volta Energy Technologies.

Why it matters: Improvements in battery tech are a key piece of the puzzle to speeding deployment of electric vehicles, as well as stationary power storage that can help bring far more renewables onto the grid. But developing solid-state technology has been a challenge even as it offers the promise of more energy-rich batteries.