The Series B investment round, which was announced on Monday, includes venture capital firm Volta Energy Technologies. The funding is expected to allow Solid Power to expand its in-house manufacturing capabilities while positioning it as a potential supplier to electric vehicle manufacturers like Ford and BMW. BMW’s chief battery cell technology Peter Lamp is optimistic, saying the technology could be ready by the end of the decade.
In a statement to ReutersDoug Campbell, CEO of Solid Power and co-founder, said the additional funding would put the start-up on a solid footing. “The partnerships and the capital that goes with it are really going to put us on a good footing to execute our roadmap, which is just to qualify this technology for vehicle use and get them into vehicles in a not-so-so environment. distant. future, ”he said.
Solid state batteries involve high capacity energy storage devices that replace the liquid or gel electrolyte on conventional cells with a solid, conductive material. This offers many advantages, such as better energy density and better security. Solid Power, for its part, claims its technology could deliver 50% more energy density than current lithium-ion batteries.
However, since solid-state batteries have many advantages over current lithium-ion cells, they are also notoriously expensive. Solid-state batteries also need to prove whether they could remain sustainable in the real world. The scalability of its production also remains to be proven.
Despite this, Ford seems very optimistic about the potential of Solid Power technology. This sentiment was expressed by Hau Thai-Tang, Head of Ford’s Product Platform and Operations, who said, “We have worked with over a dozen different startups in this space and have been very impressed with the progress Solid Power has made. did. “
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