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Solid-state battery company Solid Power closes $130M Series B led by BMW, Ford and Volta

Solid Power, a developer of all solid-state batteries for electric vehicles, announced a $130-million Series B investment round led by the BMW Group, Ford Motor Company and Volta Energy Technologies. Ford and the BMW Group have also expanded existing joint development agreements with Solid Power to secure all solid-state batteries for future electric vehicles.

Volta Energy Technologies is a venture capital firm spun out of the US Department of Energy’s Argonne National Laboratory focused on investing in breakthrough energy storage and battery innovations.

The investment positions Solid Power to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration. The BMW Group and Ford aim to utilize Solid Power’s low-cost, high-energy all solid-state battery technology in forthcoming electric vehicles.

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BMW and Ford now share leading positions in the race for solid-state battery-powered electric vehicles. Solid Power now plans to begin producing automotive-scale batteries on the company’s pilot production line in early 2022 as a result of our partners’ continued commitment to Solid Power’s commercialization efforts.

—Doug Campbell, CEO and co-founder of Solid Power

Solid Power has demonstrated its ability to produce and scale next-generation all solid-state batteries that are designed to power longer range, lower cost and safer electric vehicles using existing lithium-ion battery manufacturing infrastructure.

Solid Power has delivered hundreds of production-line-produced battery cells that were validated by Ford and BMW Group late last year, formalizing Solid Power’s commercialization plans with its two long-standing automotive partners.

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Solid Power is currently producing 20 ampere hour (Ah) multi-layer all solid-state batteries on the company’s continuous roll-to-roll production line, which exclusively utilizes industry standard lithium-ion production processes and equipment.

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Both Ford and the BMW Group will receive full-scale 100 Ah cells for automotive qualification testing and vehicle integration beginning in 2022. Solid Power’s all solid-state platform technology allows for the production of unique cell designs expected to meet performance requirements for each automotive partner.

Solid Power’s truly all-solid cell designs achieve higher energy densities, are safer and are expected to cost less than today’s best-performing lithium-ion battery cells.

Volta invested early in Solid Power when our team of energy and commercialization experts found they had not only promising technology, but also a fundamental focus on manufacturability. After all, a breakthrough battery will not find a place in the market if it can't be produced at scale with acceptable costs.

The fact that Solid Power is already producing multi-layer all solid-state batteries using industry-standard automated commercial manufacturing equipment is why Volta is excited to ramp up its earlier investment. The company’s partnership with BMW and Ford will further accelerate the full commercialization of Solid Power’s batteries and position both car companies to be among the first to have EVs on the road powered by safer, affordable, high-energy solid-state batteries.

—Dr. Jeff Chamberlain, CEO of Volta Energy Technologies

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