Volta Energy Technologies invests in electric vehicle battery developer
Volta Energy Technologies (Volta) announced it is investing in Solid Power, a developer of solid-state rechargeable batteries. With funding from chemicals company and supplier of lithium, Albemarle, a Volta founding strategic investor, and global automotive supplier Hanon Systems, Volta joins A-123, Hyundai, and Samsung in Solid Power’s Series A-1 investment round. All parties join the BMW Group in supporting Solid Power; a strategic partnership between BMW and Solid Power was announced in December 2017.
Solid Power says it will use the funding to position the company for production scale-up to MWh-scale, which will aid the company’s efforts to position its lithium-metal enabling technology as a viable competitor to current Li-ion batteries as the high-performance battery of choice for mobile power applications.
Solid Power's solid-state batteries contain no liquid electrolyte and are instead comprised of proprietary inorganic materials, enabling a lithium-metal based battery with higher energy density without volatile or flammable components. Increasing energy density and safety through solid-state batteries can dramatically improve the performance, simplicity, and cost of electric vehicles. The potential for competitive advantage posed by these materials has been recognized by automakers across the globe.
Volta launched in December 2017 with a new model to identify and invest in breakthrough technologies that will impact a crowded energy storage market. The combination of Volta’s relationships with Argonne National Laboratory and its strategic industry partners, such as Albemarle and Exelon, is expected to help to maximize impact and returns in this sector.