Solid Power announces $20 million in series A funding
Solid Power, a developer of all solid-state batteries (ASSB), has closed $20 million in a Series A investment round.
Solid Power's Series A investment will allow the company to scale-up production via a multi-MWh roll-to-roll facility, which will be fully constructed and installed by the end of 2018 and fully operational in 2019. This production capacity will be used for preliminary qualification of the company's solid-state cells for multiple markets including automotive, aerospace and defense. The company's ultimate objective is to displace lithium-ion as the battery of choice for high performance, mobile power applications.
Series A syndicate investors include Hyundai CRADLE, Samsung Venture Investment Corp., Sanoh Industrial Co., Solvay Ventures, and A123 Systems.
"We are at the center of the 'electrification of everything' with ASSB technology emerging as the clear leader in 'post lithium-ion' technologies," said Co-founder and CEO Doug Campbell. "Solid-state batteries are a game changer for EV, electronics, defense, and medical device markets, and Solid Power's technology is poised to revolutionize the industry with a competitive product paying special attention to safety, performance, and cost."
In December of 2017, Solid Power announced its partnership with the BMW Group to jointly develop Solid Power's solid-state batteries for electric vehicle applications and to tailor Solid Power's technology toward automotive requirements for high-performance electric vehicles.
Solid Power's solid-state batteries are designed to provide 2–3X more energy than conventional lithium-ion while also reducing system-level cost by reducing reliance on expensive engineering solutions typically deployed in lithium-ion systems to assure safe operation of the battery pack. They feature greatly simplified cell, module, and pack designs through the elimination of the need for liquid containment.