SoftBank Ventures Invests 10 Billion KRW in Battery Specialist Startup Standard Energy

World's First Vanadium Ion Battery Developed... A Solution for Ultra-Fast Charging of Electric Vehicles

[Asia Economy Reporter Kim Cheol-hyun] SoftBank Ventures announced on the 14th that it has invested 10 billion KRW in Standard Energy, which developed the 'vanadium ion battery.'

Standard Energy is a next-generation battery specialist company established mainly by researchers from the Korea Advanced Institute of Science and Technology (KAIST) and the Massachusetts Institute of Technology (MIT). They developed a battery with high efficiency and excellent safety using 'vanadium' as the main material. Unlike lithium-ion batteries, vanadium is a metal material that is easy to supply, has no risk of ignition, and is easy to implement in large capacity.

Vanadium ion batteries are evaluated as an optimized solution for energy storage systems (ESS) essential for renewable energy, electric vehicle charging stations requiring ultra-fast charging, and power backup systems for industrial and military facilities that require uninterrupted power supply.

Even in the ESS battery market, one of the uses of vanadium ion batteries, the current global market is estimated to grow from an annual scale of 9 trillion KRW to 40 trillion KRW within the next five years. SoftBank explained that if Standard Energy's batteries, which have no risk of ignition and excellent performance, are introduced, the related market is expected to grow even more significantly.

Kang Dong-seok, partner at SoftBank Ventures, said, "The existing ESS market has been in a state of market imbalance where supply has not been properly met due to safety and efficiency issues of products compared to rapidly increasing demand." He added, "Standard Energy is expected to create a new standard in the global ESS market through new ESS design and manufacturing capabilities."

Kim Bu-gi, CEO of Standard Energy, emphasized, "The stable supply of electric energy, the most important energy source in the 4th Industrial Revolution, will determine national competitiveness." He added, "Vanadium ion batteries, which can safely store electricity and provide optimal power services according to supply and demand, will be a game changer in the power market."

This content was produced with the assistance of AI translation services.