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Solid Power

SK and Solid Power partner to build solid-state batteries for EV market

Thu, 11/11/2021 - 10:51 -- paul Crompton

Solid-state cell developer Solid Power has confirmed it will partner with SK Innovation to manufacture automotive-scale all-solid-state batteries under a memorandum of understanding (MoU) and joint development agreement (JDA).

Korean firm SK Innovation aims to produce automotive-scale cells using US company Solid Power’s sulfide-based solid electrolyte, proprietary cell designs and production processes.

Through the JDA, the firms plan to cooperate on all-solid-state cell development, validation and production to enable the later to deliver pre-commercial all- solid-state cells to automotive customers for qualification testing. 

Solid Power plans to supply SK Innovation with its proprietary electrolyte for use in the manufacturing of all-solid-state cells. 

Under terms of the JDA, Solid Power expects to generate a small amount of revenue from both research and development and from the sale of electrolyte samples beginning in 2022. 

Derek Johnson, chief operating officer at Solid Power, said: “The JDA and MoU provide the framework for us to jointly develop and industrialize our high- content silicon all-solid-state battery cells as part of Solid Power’s current technology development roadmap.

“To successfully develop and launch our cell products, we follow the standard automotive APQP process, which will ensure our cell design meets automotive partner specifications, meets the highest quality standards and is manufacturable at high rates with high yields.

“The ability to quickly transfer production know-how and cell designs to a partner with lithium-ion production at GWh scale saves on capital expenses, in line with Solid Power’s capital light business model.” 

Blank cheque firm merger

Solid Power is in the process of merging with blank cheque company Decarbonization Plus Acquisition Corporation III (DCRC).

SK Innovation has agreed to invest $30 million in Solid Power through a subscription to purchase shares in DCRC’s previously announced PIPE transaction. 

This investment adds to the $165 million fully committed PIPE, which is anchored by investors Koch Strategy Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates Corporation. 

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Solid-state lithium-ion company to go public after merger with blank cheque firm

Fri, 06/25/2021 - 16:36 -- paul Crompton
Solid-state lithium-ion company to go public after merger with blank cheque firm

The battery industry’s gradual transition to solid-state lithium-ion technology continues this week with Solid Power signing a deal to become a publicly listed company.

The producer of all-solid-state batteries is due to trade on NASDAQ following a merger with Decarbonization Plus Acquisition Corporation III (DRC), a blank cheque firm sponsored by an affiliate of energy-focused private investment firm Riverstone Holdings.

Upon closing of the transaction, the combined company’s common stock and warrants are expected to trade under the ticker symbol “SLDP”, and is expected to have a nine-person board composed of a majority of independent directors and will continue to be led by its existing management team.

Cash proceeds to Solid Power will be used to fund operations and support its growth.

The boards of directors of both Solid Power and DCRC have approved the proposed transaction, which is due to be completed in the fourth quarter of 2021. 

Robert Tichio, chairman of the board of DCRC and partner at Riverstone Holdings, said, “Solid-state batteries have long been the elusive technology breakthrough in the battery category for the better part of a decade. 

“Countless labs, scientists, ventures and corporates have claimed progress towards scalable solid-state batteries, with an emphasis on claims. No other known company has made the type of commercialisation achievements in all-solid-state batteries that Solid Power has.”

In May, Solid Power announced a $130 million Series B investment round led by the BMW Group, Ford Motor Company and Volta Energy Technologies. 

Ford and the BMW Group also expanded existing joint development agreements with Solid Power to secure all-solid-state batteries for future electric vehicles. 

Transaction Overview 

The business combination values Solid Power at an implied $1.2 billion pro forma enterprise value. Upon closing of the transaction and assuming no redemptions by DCRC public stockholders, Solid Power is expected to have approximately $600 million in cash, including a $165 million fully committed PIPE transaction anchored by investors Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates Corporation. 

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Production starts at 10MWh US solid-state battery factory

Mon, 09/16/2019 - 15:05 -- paul Crompton
Production starts at 10MWh solid-state battery factory Solid Power

Battery maker Solid Power has begun manufacturing its first fully automated all-solid-state battery on its fully operational pilot production line in the US. 

The 10MWh facility will support first product sales in beachhead markets like aerospace, defense, industrial, and medical applications, and early market entry into non-automotive, smaller volume markets.  

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Solid Power ‘to scale-up’ with investments boost

Wed, 09/19/2018 - 08:53 -- Hugh Finzel
Solid Power image

The venture capital arm of Belgium-based battery materials firm Solvay has made an equity investment in US-headquartered next-generation solid-state batteries developer Solid Power.

Solvay Ventures’ move came after Solid Power announced it had generated US$20 million in a Series A investment round, which drew funding from companies including Samsung, Hyundai cradle, Sanoh, and A123 Systems.

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Solid-state batteries “game-changer” for EVs report

Thu, 05/17/2018 - 09:54 -- Xuan Zhong
Solid-state batteries “game-changer” for EVs report

Solid-state batteries are expected to be a “game changer” for the electric vehicle industry, according to a new report.

The batteries are set to open up “significant growth opportunities for future battery chemistries due to manufacturers’ claims of an energy density 2.5 times higher than lithium-ion batteries”, said market analysts Frost & Sullivan.

 

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BMW invests in solid-state start-up

Fri, 01/12/2018 - 10:11 -- Xuan Zhong
BMW invests in solid-state start-up

German automotive giant BMW has formed a partnership to develop solid-state batteries for its electric vehicles with US-based start-up Solid Power.

Solid Power, which has been developing solid-state rechargeable batteries in Louisville, Colorado, aims to advance its technology to meet the requirements for high performance EVs.

 

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