Solid Power

Solid Power develops solid-state lithium-metal batteries for EV, aircraft, satellites, and industrial applications. Solid Power's proprietary sulfide solid electrolyte powers the flexible All-Solid-State Platform that can enable both high-content silicon and lithium metal in the anode, paired with industry-standard and commercially mature cathodes, including lithium nickel manganese cobalt oxides (NMC). The platform can also use low-cost and energy conversion type cathodes that cannot be used in lithium-ion or other liquid-based cell architectures. When combined with a lithium metal anode, the conversion type cathodes could remove cobalt and nickel from the cathode entirely to decrease cathode material costs by around 90%, according to the company.

In 2022, Solid Power began production of 20 ampere-hour (Ah) solid-state batteries on a pilot manufacturing line using lithium-ion production processes and equipment. The company also commenced operations of its second production facility in Denver, Colorado in September 2021. 

In November 2022 , Solid Power began deliveries of its 20 Ah cells to joint development partners, including BMW, for initial testing. In October 2023 , the company delivered its first A Sample EV cells to BMW to begin the automotive qualification process. The A-1 EV cells were to also support BMW’s demo car program.

Key customers and partnerships

Solid Power had investments or partnerships with automakers such as Ford, BMW, and Hyundai as well as Japanese auto-parts maker Sanoh Industrial. 

 Funding and financials

In January 2023 , the US Department of Energy awarded Solid Power USD 5.6 million in funding to develop a 3D-structured Li metal anode and sulfur composite cathode for high-energy and fast-charging EV battery cells.

Solid Power was listed on Nasdaq through a SPAC merger in December 2021. The deal raised USD 542.9 million at a valuation of USD 1.2 billion. The proceeds were to be used to fund the company’s capital-light business model through vehicle integration, which was planned for 2026. The transaction made Solid Power the first listed pure-play solid-state battery company. Solid Power’s revenue guidance for 2023 ranges between USD 15 million and USD 20 million.