Detroit-based automaker, Stellantis (NYSE:STLA) announced Friday that the company’s corporate venture fund, Stellantis Venture, is participating as a strategic investor in Tiamat.
Tiamat is a France-based battery manufacturer and is currently developing sodium-ion battery technology for commercialization.
Sodium-ion technology provides a more economical cost per kilowatt-hour and eliminates the need for lithium and cobalt. The widespread availability of sodium brings advantages in terms of enhanced sustainability and material independence.
Tiamat, recognized as one of the top 11 high-performing technology start-ups, received a Stellantis Ventures Award in 2023. It proudly stands as the first company globally to successfully implement sodium-ion technology in an electrified product.
This investment aligns with Stellantis' commitment to delivering clean, secure, and affordable mobility solutions worldwide. Sodium-ion technology presents the potential for more economically efficient energy storage in comparison to the currently prevalent lithium-ion battery technology.
“Exploring new options for more sustainable and affordable batteries that use widely available raw materials is a key part of our ambitions,” said Stellantis Chief Engineering and Technology Officer, Ned Curic.
Transitioning to electric propulsion is a central element of the Dare Forward 2030 strategic plan. This involves achieving a 100% sales mix of battery electric vehicles (BEVs) for passenger cars in Europe and a 50% mix for passenger cars and light-duty trucks in the United States by 2030. To meet these targets, Stellantis is securing around 400 GWh of battery capacity. The company aims to achieve carbon neutrality, covering all scopes, by 2038, with single-digit percentage offset of remaining emissions.
Shares of STLA are down 1.89% in mid-day trading on Friday.