![]() Solid Power is looking to expand capacity at its Colorado factory as it gears up for pilot production of its commercial-grade 100-ampere batteries in early-2022. ![]() Investors such as Koch Strategic Platforms, Riverstone Energy Ltd, Neuberger Berman, and Van Eck Associates Corporation accounted for $195M of the fundraising. Ultimately, when it merged with the SPAC last week, the company only raised $542.9M. In June this year, the company jumped on the SPAC bandwagon when it decided to merge with a SPAC named Decarbonization Plus Acquisition Corp III, at an enterprise value of $1.2B with the plan to raise $600M for the company. The two OEMs also signed joint development agreements for automotive-scale batteries from Solid Power’s production line to be delivered in early-2022. Ford and BMW reinvested in the Series B round in May 2021 when the company raised $130M. Solid Power’s first pilot production line became fully operational in September 2019. In 2018, BMW, along with Ford, Samsung, Hyundai, and Volta, a VC fund part of the Argonne National Laboratory, invested $20M in Solid Power’s Series A funding round. In December 2017, the company partnered with the BMW Group to jointly develop the all-solid-state batteries for EV applications. Solid Power signed its first contract worth $2.9M with the US Air Force in 2014. ARPA-E’s interest was in Solid Power’s approach that used low-cost, abundant materials in the range of $10-$20/kg – something that would reduce battery manufacturing costs, and hence, the overall costs of EVs. Solid Power was founded when Doug Campbell joined the duo in 2012.Ī year later, the company received a $4.5M grant from Advanced Research Projects Agency-Energy (ARPA-E), which looks into innovations in all things energy. The two researchers received a grant from the school’s Tech Transfer Office to develop the proof-of-concept for the solid-state energy storage they were working on. ![]() students at The University of Colorado, Boulder. They’re supposed to be safer and have greater energy density than their Li-ion counterparts.Ĭonrad Stoldt and Sehee Lee were Ph.D. They are named thus because they lack a liquid electrolyte – a key component used in traditional Lithium-ion batteries. Solid-state batteries are touted to be the next big thing in battery technology. But it’s been a volatile week for the company. ( Tweet This) Solid Research Solid-state battery developer Solid Power (SLDP) joined the list of other EV-related companies that took this route to go public. If 2021 can be remembered for anything other than multiple Covid-19 virus mutations, it is SPAC listings.
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