General Motors led a $108 million funding round for Peak Energy, a startup developing sodium-ion battery technology. The investment supports GM’s effort to diversify its battery chemistry portfolio and reduce reliance on lithium and other expensive materials as it competes with Tesla and Chinese EV manufacturers.
Sodium-ion batteries are still a maturing technology, but they could offer lower costs and use more abundant raw materials. The investment could support GM’s future profitability as the company plans to expand software-linked services and autonomous driving features in its high-margin SUVs and trucks.