SOLIVIS, a South Korean sulfide solid electrolyte specialist, has raised KRW 12.47 billion ($9.46 million) in Series B bridge funding for the construction and operation of a mass-production plant in Hoengseong, Gangwon Province. This latest funding round brings the total investment in the company to KRW 42.2 billion ($31.98 million).

The funding round was prominently supported by existing shareholders and investors, with the Korea SMEs and Startups Agency stepping in as a new investor due to SOLIVIS’s promising global growth potential.

Established in 2020, SOLIVIS has been committed to setting up the production facility since securing KRW 20 billion ($15.16 million) in Series B funding in February last year. The company has since introduced four production models of all-solid-state materials, showcasing its leadership in the market and securing ongoing support from its investors.

With this bridge funding secured, SOLIVIS is now focusing on completing the installation of mass-production facilities and ramping up for full-scale production in the new plant, which is slated for completion in the second quarter of this year.

The “SOLIVIS Solid Electrolyte” utilizes a cutting-edge third-generation wet synthesis production platform, which was developed in-house following an investment of over KRW 10 billion ($7.58 million) in R&D. This process is known for the highest ionic conductivity achieved to date and allows for rapid adjustment of particle size and distribution according to customer needs.

The manufacturing site, under construction with an initial investment of KRW 21 billion ($15.92 million), will consist of three buildings: the factory, warehouse, and office, with an annual production capacity of 40 tons.

Dong-wook Shin, CEO of SOLIVIS, stated, “We plan to complete the Hoengseong plant by the second quarter and immediately initiate trial productions for mass manufacturing. Our goal is to spearhead the global market for safe solid-state batteries.”

Founded by Professor Dong-wook Shin from Hanyang University, who has over two decades of research experience and has pioneered solid-state battery projects and laboratories in Korea, SOLIVIS holds numerous domestic and international patents related to solid electrolyte mass production technology.