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 Solid Power 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.