The Department of Energy is planning to award $3.3 million in funding to Saxonburg-based Coherent Corp. to further the development of battery technology that's being positioned as an asset for the next generation of electric vehicles.
Over the next three years, Coherent (NYSE:COHR) said this funding from the DOE would allow its patented chemical immobilization product for lithium sulfur (Li-S) battery cells to become more mature and commercial-ready.
According to Coherent, these Li-S batteries are set to serve as a critical component that'll be found in the next generation of electric vehicles largely due to the stability that these types of batteries offer and due to their durability with stored energy retainment over time.
"The innovations behind sulfur immobilization are based on more than a decade of research by Coherent to make sulfur cathodes and Li-S batteries a commercial reality," Rob Murano, senior director of product development and commercialization at Coherent, said in a prepared statement. “This selection recognizes the unique ability of Coherent’s technology to unlock the potential of sulfur cathodes – storing more energy in less weight at lower cost."
Coherent's battery tech was one of 27 projects tapped by DOE to receive a combined $71 million in funding as part of its "Vehicle Technologies Office Program Wide Funding Opportunity Selections" initiative.
