Ford and BMW among investors in Solid Power

Ford Motor Co. and BMW AG are leading $ 130 million in funding for startup Solid Power, Reuters has learned.

This is happening at a time when car manufacturers are trying to reduce the costs of electric vehicles by investing in the development of affordable but powerful rechargeable batteries.

A round of investments in the B-Series, which includes the venture capital firm Volta Energy Technologies, which allows Solid Power to expand its production capabilities and set up a battery maker to eventually supply future electric vehicles, probably by the end of the decade, according to BMW battery chief technology. and Peter Lampa. Solid Power declined to disclose at what level of funding it values ​​the company.

“The partnerships and capital that comes along with us will really put us on a good footing for execution on our map, which, simply put, qualifies this technology for vehicle use and introduces it to vehicles in the not-too-distant future,” the CEO said in an interview. and co-founder of Solid Power.

Car manufacturers are racing to develop electric vehicles amid rising CO2 emission standards in Europe and China.

Solid battery technology includes a high-capacity energy storage device that enhances lithium-ion batteries by replacing the liquid or gel electrolyte with a solid, conductive material. Among other advantages, the new technology offers higher energy density and better safety due to the lack of flammable components. Solid Power claims that its technology can deliver 50% higher energy density than current lithium-ion batteries.

Solid Power, headquartered near Denver, received a $ 5 million investment in BMW iVentures convertible bonds earlier this year. His partnership with the German carmaker began in 2016.

Following the latest investment, Ford and BMW will have equal, unidentified stakes in Solid Power, which was founded in 2012 as a spin-off from the University of Colorado Boulder.


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