April 18, 2018 / 3:30 PM / a year ago

Total buys stake in U.S battery developer Ionic Materials

PARIS, April 18 (Reuters) - Total’s venture capital unit acquired a stake in Ionic Materials, a privately held company based in Massachusetts for an undisclosed amount, the French oil and gas company said on Wednesday.

Ionic Materials provides research and development services and focuses on developing materials targeting high energy density batteries that it says are safer and cheaper than traditional ones.

“We have decided to invest in Ionic Materials in order to keep a closer look on this technology which may represent one of the most promising path for the development of solid-state batteries,” Total said, declining to say how much shares of the company it has acquired.

Ionic Materials said in February it had secured $65 million in Series C funding from a group of financial and strategic investors. (Reporting by Bate Felix ; Editing by Matthias Blamont)

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