Stellantis Ventures, the corporate venture fund of Stellantis N.V., is participating as a strategic investor in Tiamat, a France-based company that is developing and commercializing sodium-ion battery technology. Tiamat was one of 11 top-performing technology start-ups honored with a Stellantis Ventures Award in 2023.
Other investors in this €22-million round included Arkema France and MBDA Group. Tiamat aims, with the support of the State and the European Union, to build in France a Giga-factory with a capacity of 5 GWh, entirely dedicated to the production of sodium-ion battery cells. A first tranche of 0.7 GWh could be operational as early as the end of 2025.
Sodium-ion technology offers a lower cost per kilowatt-hour and is free of lithium and cobalt. Abundantly available sodium offers benefits in increased sustainability and material sovereignty.
Shifting to electric propulsion is a key pillar of the Stellantis Dare Forward 2030 strategic plan. It includes reaching a 100% passenger car battery electric-vehicle (BEV) sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in the United States by 2030. To achieve these sales targets, Stellantis is securing approximately 400 GWh of battery capacity. Stellantis is on track to become a carbon net zero corporation by 2038, all scopes included, with single-digit percentage compensation of remaining emissions.
Supporting that ambition, Stellantis has secured supplies of EV raw materials through 2027 by signing key agreements around the world. Stellantis is also investing in the development of alternative technologies for energy storage, including solid-state batteries with Factorial Energy, lithium-sulfur chemistry with Lyten Inc. and sodium-ion with Tiamat.
Tiamat is a spin-off of the French National Centre for Scientific Research (CNRS). The company will use proceeds from the fundraising round that includes Stellantis Ventures to launch construction of a sodium-ion battery plant in France for power tools and stationary storage applications first, and then targeting to scale-up production of second-generation products for BEV applications.
Established with an initial investment of €300 million, Stellantis Ventures is the first Stellantis corporate venture fund. It targets early and later-stage startup companies that are developing technologies for the automotive and mobility sectors and are focused on improving outcomes for individual customers and society as a whole.
The fund has a unique dual mandate that requires portfolio companies to have strong, sustainable growth prospects as well as a high potential for technological adoption within Stellantis’ products and operations.