Department of Energy's Argonne National Laboratory that's focused on investing in breakthrough energy storage and battery innovations.
Ford said its additional equity investment will help accelerate further development of solid-state vehicle battery technology.Īlso participating in the funding round last year was Volta Energy Technologies, a venture capital firm spun out of the U.S.
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The two automakers contributed to a $130 million Series B investment round in which the BMW Group became an equal equity owner along with Ford. The new investment follows Ford's initial investment in the company in 2019 and BMW's separate investment in 2017. In May of last year, both Ford and BMW announced they were boosting their investments in Solid Power.
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Over the coming quarters, we will work to bring the EV cell pilot line up to its full operational capability and look forward to delivering EV-scale all-solid-state cells to our partners later this year." "The installation of this EV cell pilot line will allow us to produce EV-scale cells suitable for initiating the formal automotive qualification process.
"Solid Power is encouraged by taking this next step on its automotive qualification roadmap," said Doug Campbell, Chief Executive Officer of Solid Power. Ford confirmed that these enhanced safety characteristics were a motivating factor in Ford's investment in Solid Power. Solid state battery cells do not contain flammable liquid electrolytes. Solid state batteries have several advantages over conventional lithium-ion batteries, including enhanced safety characteristics. for further automotive qualification testing, which is planned by the end of the year. Solid Power will produce the first energy dense Silicon EV Cells for internal testing before delivering cells to its automotive partners BMW and Ford Motor Co. The company has dubbed it the "EV cell pilot line". Colorado-based solid state battery startup Solid Power announced the completion of its pilot production line that will produce the first advanced battery cells for electric vehicles that can deliver longer ranges.
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