Solid Power secures $130 million to scale EV battery production

ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 4 — Louisville, Colorado-based Solid Power develops solid-state batteries for electric vehicles that it says are cheaper, more efficient and safer than conventional lithium-ion batteries.

The company has raised $130 million in a Series B financing round led by BMW Group, Ford Motor Company and Volta Energy Technologies. Solid Power will scale up its production line early next year to deliver batteries to Ford and BMW.

Ford’s Ted Miller says Solid Power’s batteries will “increase vehicle range, improve interior space and cargo volume, deliver lower costs and better value for customers,” using existing lithium-ion manufacturing processes.

Solid-state batteries

San Jose, Calif.-based QuantumScape, which developed a fast-charging solid-state lithium-metal battery, went public via a SPAC in December (see, “Fresh off its IPO, QuantumScape claims EV battery breakthrough).

“The development of all solid-state batteries is one of the most promising and important steps towards more efficient, sustainable, and safer electric vehicles,” said BMW’s Frank Weber