Total buys stake in Ionic Materials

Total’s venture capital unit has bought a stake in Ionic Materials for an undisclosed amount.

Ionic Materials is a privately held company based in Massachusetts. It 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 US$65 million in Series C funding from a group of financial and strategic investors.