Solid Power closes $20M Series A investment round

Tuesday September 11, 2018 0 comments Tags: Louisville, Solid Power, Doug Campbell

LOUISVILLE -- Louisville-based Solid Power, an industry leader in safe, high-energy, and cost competitive all solid-state batteries (ASSB), today announced it has closed $20 million in a Series A investment round.Solid_Power_logoUSE

ASSB have generated substantial interest for mobile power applications due to their ability to provide greater run-time per charge and excellent overall product reliability and safety.

The automotive industry, in its pursuit of vehicle electrification, is particularly interested in ASSB to boost vehicle range, Solid Power said, while using an overall safer and simpler energy storage system as compared to current state-of-the-art lithium-ion batteries.

Solid Power said its 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 utilized for preliminary qualification of the company's solid-state cells for multiple markets including automotive, aerospace and defense. 

The company said its 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 Doug Campbell, Solid Power co-founder and CEO.

"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 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' said its solid-state batteries provide substantially higher energy than conventional lithium-ion while also reducing system-level cost by reducing reliance on many expensive engineering solutions typically deployed in lithium-ion systems to assure safe operation of the battery pack.