Electric vehicle solid state battery producer Solid Power announced today a $130 million Series B investment round led by automotive companies BMW and Ford, and by venture capital firm Volta Energy Technologies.
The new financing positions the company to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration.
Under the new agreement, Ford and BMW will receive full-scale 100 ampere hour (Ah) cells from Solid Power for testing and integration into its future vehicles starting in 2022. Ford also has a separate joint development agreement with Solid Power to develop and test its specific battery cell design and help streamline Ford’s integration into future vehicles.
Doug Campbell, CEO and co-founder of Solid Power, said:
“BMW and Ford now share leading positions in the race for all 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.”
Solid Power’s solid state rechargeable batteries aim to replace the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide solid electrolyte, creating a safer and more stable solution for electric vehicles, as well as a 50-100% increase in energy density, according to the company.
Hau Thai-Tang, Ford’s Chief Product Platform and Operations Officer, said:
“Solid-state battery technology is important to the future of electric vehicles, and that’s why we’re investing in it directly as well as accelerating Ford’s in-house R&D on next-generation battery technology. Leveraging the speed of a startup and the expertise of some of the most seasoned battery experts in the world at Ford, we’re exploring different ways to power tomorrow’s fun-to-drive all-electric vehicles, using proven development and manufacturing processes.”
Frank Weber, Member of the Board of Management BMW AG, Development, said:
“Being a leader in advanced battery technology is of the utmost importance for BMW. The development of all solid-state batteries is one of the most promising and important steps towards more efficient, sustainable, and safer electric vehicles. We now have taken our next step on this path with Solid Power.”