BMW-backed solid-state battery startup raises $20m for commercial rollout
Its batteries, says the company, have generated “substantial interest” for mobile power applications – particularly in the automotive industry – given their ability to provide greater run-time per charge and excellent overall reliability and safety. The new investment will allow the company to scale up production via a multi-MWh roll-to-roll facility, which is expected to be fully operational in 2019.
The production capacity will be used for preliminary qualification of the company’s solid-state cells for multiple markets, including automotive, aerospace, and defense. The ultimate objective, says the company, is to displace lithium-ion as the battery of choice for high-performance, mobile power applications.
“We are at the center of the ‘electrification of everything’ with ASSB technology emerging as the clear leader in ‘post lithium-ion’ technologies,” says co-founder and CEO Doug Campbell. “Solid-state batteries are a game changer for EV, 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.”
Investors participating in the round included Hyundai CRADLE, Samsung Venture Investment Corp., Sanoh Industrial Co., Solvay Ventures, and A123 Systems. In December of last year, Solid Power announced a partnership with the BMW Group to jointly develop Solid Power’s solid-state batteries for electric vehicle applications and to tailor Solid Power’s technology toward automotive requirements for high-performance electric vehicles.