Industryweek 23617 080 Battery

Samsung and Hyundai Investing in Solid-State Battery Producer

Sept. 11, 2018
Solid Power will use funding to complete manufacturing site.

Solid Power Inc., a Colorado-based maker of solid-state battery cells for cars and aircraft, arranged $20 million in financing to complete a manufacturing facility.

Investors in the Series A funding round include Sanoh Industrial Co. and the venture capital units of Hyundai Motor Co., Samsung Electronics Co. and Solvay SA, according to a statement Monday. It comes about nine months after Solid Power announced a deal with BMW AG to develop solid-state batteries for electric vehicles.

Solid Power is positioning its technology as a competitor to the lithium-ion batteries that have dominated the energy-storage industry. Advocates say alternative battery technologies may be safer and can pack more energy -- key for electric-vehicle range -- than lithium ion, but suppliers have struggled to transition from small-scale demonstrations to high-volume production.

Solid Power expects to complete construction this year and it will be fully operational in 2019. The site will be able to produce batteries with about 10 megawatt-hours of capacity a year. That’s big enough for potential customers to validate the company’s technology, according to Doug Campbell, Solid Power’s chief executive officer.

“It’s certainly well beyond lab state, which is historically where solid-state has been,” he said in an interview.

By Brian Eckhouse

Popular Sponsored Recommendations

Electric Vehicles Spark New Opportunities in the Automotive Industry

Dec. 4, 2023
Automakers have increased plans to produce Electric Vehicles to meet customer demand for low emissions. With this radical shift, new opportunities and challenges for the auto ...

Navigating Disruption: A Leader’s Guide to Strategy Under Uncertainty

Nov. 1, 2023
AI, sustainability, digital--industrials are facing disruptive forces that are redefining what it takes to win. What got your company where it is today won’t get you where you...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Five Ways Aerospace and Defense MRO Can Prepare for the New Normal!

Dec. 6, 2023
The right tools can help A&D suppliers track the essentials & ultimately, boost their margins. Advanced analytics can also help determine the profitability of contracts, drive...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!