A Louisville-based firm, Solid Power, raised USD 130 Million in a Series B funding round on 04th May 2021. This round was led by Volta Energy Technologies LLC, a venture capital firm based in Illinois, BMW Group, and Ford Motor company.
The big names of the automobile industry are involved in this funding round. They are looking forward to extending the joint agreement with Solid Power to get hold of all the solid-state batteries for the electric vehicle in the future.
Full scale 100 Ah cells for qualification testing and vehicle integrating will be given by Solid power to BMW and Ford at the beginning of next year.
The reason behind the fundraising –
With this fundraise, the company is looking forward to increasing related material output, production capability, and producing full-scale batteries for automobiles.
About the company –
Doug Campbell and Sehee Lee founded Solid Power in the year 2011. It is an industry that is leading developers of solid rechargeable batteries. The speciality of these batteries is that it does not possess any flammable liquid, and the batteries produced are energy-dense and reliable and safe.
The attributes in batteries that the company produces can enable extreme performance improvements of the devices powered by batteries such as electric vehicles, satellites, and aircraft.
Solid power is backed by BMW and Ford for a couple of years. BMW has been investing in the company since 2017 and Ford since 2019. Till now, the firm has raised USD 181.5 Million over four rounds of funding.
The numbers of investors in the company are ten, and Bayerische Motoren Werke and Volta Energy are the most recent ones.
Words from CEO –
“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 commercialisation efforts.” – said Doug Campbell, CEO, Solid Power.
Words from the investors –
“Solid-state battery technology is important to the future of electric vehicles, and that’s why we’re investing directly. By simplifying the design of solid-state versus lithium-ion batteries, we’ll be able to increase vehicle range, improve interior space and cargo volume, deliver lower costs and better value for customers and more efficiently integrate this kind of solid-state battery cell technology into existing lithium-ion cell production processes.” – said Ted Miller, Manager of electrification subsystems and power supply research, Ford.
“The fact that Solid Power is already producing multi-layer all solid-state batteries using industry-standard automated commercial manufacturing equipment is why Volta is excited to ramp up its earlier investment. The company’s partnership with BMW and Ford will further accelerate the full commercialization of Solid Power’s batteries and position both car companies to be among the first to have EVs on the road powered by safer, affordable, high-energy solid-state batteries.” – said Jeff Chamberlain, CEO, Volta Energy Technologies.
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