Solid Power develops all‑solid‑state battery cells aimed at increasing energy density for electric vehicles; the company says its batteries can deliver a 50%–100% energy-density uplift versus rechargeable lithium‑ion cells. It currently manufactures 2 Ah cells and is producing 20 Ah cells on a pilot basis with standard lithium‑ion equipment, and says “hundreds” of 2 Ah cells were validated by Ford and BMW. Under separate joint development agreements with Ford and BMW, Solid Power will deliver 100 Ah cells for testing and vehicle integration from 2022; those 100 Ah cells will have a larger footprint and more layers than the 20 Ah pilot cells. The new funding is intended to boost manufacturing to produce the company’s highest ampere‑hour output yet. The company has previously raised a $20 million Series A in 2018 with participation from BMW, Ford, Samsung, Hyundai, Volta and others. Solid Power develops next-generation all solid-state batteries (ASSB) that offer higher energy density, improved safety, and greater reliability compared with lithium-ion cells. Its technology targets applications including electric vehicles, medical devices, aircraft, and satellites. The company occupies a 21,000 square-foot facility in the Colorado Technology Center in Louisville, Colorado, and was founded in 2012 by CEO Doug Campbell. In December 2017 Solid Power announced a partnership with the BMW Group to jointly develop its solid-state batteries for electric vehicle applications. Solid Power closed $20M in Series A funding to scale up production via a multi-MWh roll-to-roll facility, planned for full construction and installation by the end of 2018 and full operation in 2019. The new production capacity will be used for preliminary qualification of the company’s solid-state cells for automotive, aerospace, and defense markets.

Total raised

$150M

Funding rounds

2

Latest round

Series B

Latest activity

May 2021