EV Engineering News

Solid Power announces $20 million in Series A funding

Colorado-based Solid Power, a manufacturer of all solid-state batteries (ASSB), has secured $20 million in a Series A investment round. Investors include Hyundai CRADLE, Samsung Venture Investment, Sanoh Industrial, Solvay Ventures, and A123 Systems.

Solid Power will use the new funds to scale up production via a multi-MWh roll-to-roll facility, which is to be built by the end of 2018 and operational in 2019.  The company will use this production capacity for preliminary qualification of its solid-state cells.

Last December, Solid Power announced a partnership with BMW to jointly develop Solid Power’s solid-state batteries for EVs.

ASSB have generated substantial interest due to their ability to provide greater run time per charge and potential safety advantages over lithium-ion batteries. Solid Power says its ASSB provide substantially higher energy than conventional lithium-ion cells while also reducing system-level cost by reducing reliance on expensive safety features.

“We are at the center of the ‘electrification of everything’ with ASSB technology emerging as the clear leader in ‘post lithium-ion’ technologies,” said Solid Power co-founder and CEO Doug Campbell. “Solid-state batteries are a game changer for EV, electronics, defense, and medical device markets, and Solid Power’s technology is poised to revolutionize the industry with a competitive product paying special attention to safety, performance, and cost.”


Source: Solid Power


EV Engineering Webinars & Whitepapers

EV Tech Explained