Solid Power is on track to ship its 20Ah silicon battery to development partners that include BMW and Ford in the next couple of months for electric vehicle (EV) designs.
The company installed its EV cell pilot line in June and it is optimising the production line for internal testing during the third quarter.
A plant for its sulfide-based electrolytes is also being constructed, with initial production expected in the first quarter of 2023.
“First half results reflect continued solid execution by our team as we continue to position the company for long-term success,” said Doug Campbell, Chief Executive Officer of Solid Power. “With the recent installation of the EV cell pilot line, we now have the operational capabilities needed to produce EV-scale cells, which is a critical step towards initiating the formal automotive qualification process. During the third quarter, we expect to begin producing EV-scale cells for our internal testing and delivering 20 Ah Silicon EV cells to our joint development partners for their initial testing.”
“Construction of our electrolyte production facility continues to progress nicely, though we are not immune to supply chain challenges. We remain on track with our objectives to produce EV-scale cells and enter A sample by the end of the year. We believe the ongoing investments in our product development and operational capabilities are not only key to entering into formal automotive qualification and meeting the needs of our customers, but will also enable us to build on our position as a leader in the battery technology sector.”
Revenue for the second quarter of 2022 was $2.6 million, bringing total revenue for the first half of 2022 to $4.8 million. This compares with revenue of $0.6 million and $1.0 million in the second quarter and first half of 2021, respectively. The company has $440m from its backers, which include BMW. It also has partnerships with SK, Ford, Volta, Solvay and Umicore.
Solid Power now expects 2022 revenue to exceed the high end of the previous guidance range of between $3 million and $5 million, with $150m to $170m of investment.
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