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Solid-State Battery Developer Lands $20 Million in Funding
Louisville, Colo.-based Solid Power, a startup developer of solid-state batteries for electrified vehicles, says it has closed a $20 million Series A investment round.
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Louisville, Colo.-based Solid Power, a startup developer of solid-state batteries for electrified vehicles, says it has closed a $20 million Series A investment round.
The company will use the funds to complete its production facility, which is expected to be fully operational next year. Solid Power plans to test and validate the company’s solid-state cells for automotive, aerospace and defense applications.
Participating investors in the funding round include A123 Systems, Hyundai, Samsung, Sanoh Industrial and Solvay. This follows a previous investment by A123 and a partnership with BMW to develop Solid Power’s technology for EVs.
Solid Power was formed in 2012 as a spin-off from the University of Colorado in Boulder.
Solid-state batteries promise higher energy density, enhanced safety and faster-charging capability than current lithium-ion configurations. Several other companies also are developing solid-state chemistries, but the batteries aren’t expected to be viable for high-volume applications for at least five years.
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