South 8 Technologies Secures Strategic Investment from Lockheed Martin Ventures
South 8 Technologies, the Cleantech San Diego company innovating safer and higher performance electrolytes for the next generation of lithium-ion batteries, has closed a strategic investment with Lockheed Martin Ventures, the venture arm of Lockheed Martin (NYSE:LMT), a global leader in defense and aerospace technology, with participation from current South 8 investors LG Technology Ventures, Foothill Ventures and Anzu Partners.
South 8 is the first company to develop a novel liquefied gas electrolyte technology as a safer, higher performance alternative to standard liquid electrolytes. Known as LiGas®, the liquefied gas electrolyte is simple to incorporate into existing cell production processes, utilizes materials which are all currently manufactured globally at scale and offers simple recyclability at the end of life. LiGas improves safety, increases energy density, achieves all-weather performance, enables fast-charge capability and reduces costs while also being compatible with existing lithium-ion cell production or Gigafactory manufacturing processes and supply chains.
“The exceptional performance capabilities of the LiGas electrolytes are an enabling technology for increasingly aggressive customer requirements, particularly those set forth by the aerospace and defense industries,” said Cyrus Rustomji, CEO for South 8 Technologies. “We are excited to receive Lockheed Martin’s support as we continue to improve battery technology, reach new markets and lead the transition towards a greener future.”
“Forward-thinking, solutions-focused companies like South 8 Technologies are motivated to bring the right solutions to our customers,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “We hope to leverage South 8’s LiGas technology to provide energy solutions that increase safety and energy density while achieving all-weather performance, enabling better field performance.”
Because LiGas maintains excellent operation at both low and high temperatures ranging from -60 to +60 degrees Celsius, the use cases are wide ranging from consumer, commercial and industrial electric vehicles to military defense systems. Examples include everything from connected battlefields, unmanned aerial vehicles and subzero power to all-weather energy applications for grid storage and power backup to marine sea monitoring, electric boats and submarines.