Solid Power Ramps
One of the few remaining EV startups, Solid Power, has gone public. The company is a developer of multi-layer solid-state batteries that deliver 20 AH of capacity. It produces the cells using lithium-ion production processes and will supply them to automotive manufacturers in three to four years. Last year, the company announced a $100 million investment from Ford and BMW Group, paving the way for the company’s automotive commercialization.
As a leading EV battery company, Solid Power is building a massive, automated production line in Boulder, Colorado. The facility is designed to replicate the inputs and equipment used in full-scale production of the battery cells. The company has signed agreements with both Ford and BMW Group to accelerate its commercialization and position itself as one of the leading EV battery producers. These agreements should result in higher volumes of batteries for the EV market.
As one of the world’s largest solid-state battery developers, Solid Power recently raised $130 million in a Series B funding round led by Ford Motor Co. and the BMW Group. Other investors include venture capital firm Volta Energy Technologies LLC and the BMW Group. In fact, BMW is a major investor in the company, and has provided the startup with more than $70 million in seed funding.
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In addition to increasing its production capacity and associated material output, Solid Power has partnered with Ford and the BMW Group to test its all-solid-state battery technology on a pilot production line. These partnerships are expected to accelerate the full commercialization of Solid Power’s batteries, positioning them as leaders in the EV market. It plans to begin commercialization in early 2022. But, what’s next for the company?
Solid Power Ramps Up Solid-State Battery Race
The company plans to increase its production capacity and scale its factory footprint, and plans to start supplying 100 ampere-hour battery cells to BMW and Ford. It also plans to use the proceeds from the sale to fund future operations. In 2026, Solid Power expects to begin vehicle integration of its solid-state batteries. In the meantime, it is also focusing on the production of full-scale batteries.
The company has been hard at work expanding its production capacity in Boulder, Colorado. It plans to produce 100 ampere-hour battery cells in early 2022, and then ship them to BMW and Ford for testing. It anticipates that vehicle integration will begin in 2026. And it’s clear that the car industry is looking ahead to this new generation of batteries. Its next move will be to develop its own manufacturing process.
Tesla and Ford have backed Solid Power to develop solid-state batteries. The company has raised $130 million in a Series B round of funding. The round of funding comes from a number of investors including the BMW Group, Ford Motor Company, and Volta Energy Technologies. The investment positions Solid to produce full-scale solid-state batteries using existing lithium-ion battery manufacturing infrastructure. By late last year, the company was able to deliver hundreds of production line-produced battery cells.
