Solid-state Battery Producer Raises US$20 Million to Scale Up Production

- September 11th, 2018

Investors in the Series A funding include the venture capital units of Hyundai Motor and Solvay, as well as A123 Systems, Sanoh Industrial and Samsung Venture Investment.

Colorado-based startup Solid Power has secured US$20 million in financing to complete a solid-state battery cells manufacturing facility, the company announced on Monday (September 10).

Investors in the Series A funding include the venture capital units of Hyundai Motor (KRX:005380) and Solvay (EPA:SOLB) as well as A123 Systems, Sanoh Industrial (TSE:6584) and Samsung Venture Investment. Last year, the company partnered with BMW (ETR:BMW) to jointly develop solid-state batteries for electric car applications.

“Solid-state batteries are a game changer for electric vehicles, 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,” said Doug Campbell, Solid Power’s chief executive officer.

Lithium in 2018

Your free report includes:

  • Expert commentary
  • Stocks to buy
  • Market forecasts
Give me my free report!

Solid-state batteries are a next-generation battery chemistry that replaces conventional liquid electrolytes with solid ion-conducting materials like polymers and ceramics.

Solar Power, which was established in 2012, says its all solid-state batteries have several advantages, including an energy capacity “2-3X higher” than conventional lithium-ion batteries, substantially improved safety and low-cost battery-pack designs.

Looking ahead, the company plans to use the funds to scale up production via a multi-MWh roll-to-roll facility, which will be constructed and installed by the end of 2018 and fully operational in 2019.

The facility will be able to produce batteries with about 10 megawatt-hours of capacity a year. That’s big enough for potential customers to validate the company’s technology, according to Campbell.

“It’s certainly well beyond lab state, which is historically where solid-state has been,” he told Bloomberg.

The company’s ultimate objective is “to displace lithium-ion as the battery of choice for high performance, mobile power applications.”

According to Boston-based firm Lux Research, lithium-ion batteries will be hard to displace, but of all the next-generation batteries currently on offer, solid-state batteries offer the best chance, thanks to a mix of performance and safety advantages.

Speaking with the Investing News Network earlier this year, Chloe Holzinger of Lux Research said solid-state batteries are “very much in development stage, it’s still a very new technology which doesn’t have a mature supply chain for metallic anodes at the moment that can be scaled to mass production.”

“Our projections for the use of solid-state batteries in consumer electronics is early 2020s … but [the batteries] will become more cost competitive in the 2030s,” she added.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Battery Metals in 2018


Click to download your free report


Get the latest Lithium Investing stock information

Get the latest information about companies associated with Lithium Investing Delivered directly to your inbox.

Lithium Investing

Select All
Select None

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time

Leave a Reply

Your email address will not be published. Required fields are marked *