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Electronics Production |
BMW invests in solid-state startup
Solid Power, a producer of all solid-state batteries for electric vehicles, has raised USD 130 million Series B investment round led by the BMW Group, Ford Motor Company and Volta Energy Technologies.
At the same time, Ford and the BMW Group have also expanded their existing joint development agreements with Solid Power to secure all solid-state batteries for future electric vehicles. The investment positions Solid Power to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration. The BMW Group and Ford aim to utilise Solid Power’s low-cost, high-energy all solid-state battery technology in forthcoming electric vehicles, a press release reads. “BMW and Ford now share leading positions in the race for solid-state battery-powered electric vehicles,” says Doug Campbell, CEO and co-founder of Solid Power. “Solid Power now plans to begin producing automotive-scale batteries on the company’s pilot production line in early 2022 as a result of our partners’ continued commitment to Solid Power’s commercialization efforts.” Last year, Solid Power’s delivered hundreds of production line-produced battery cells that were validated by Ford and BMW Group, which then formed the company's commercialisation plans with its two long-standing automotive partners. “Being a leader in advanced battery technology is of the utmost importance for the BMW Group. The development of all solid-state batteries is one of the most promising and important steps towards more efficient, sustainable, and safer electric vehicles. We now have taken our next step on this path with Solid Power,” says Frank Weber, Member of the Board of Management BMW AG, Development in the press release. Solid Power is currently producing 20 ampere hour (Ah) multi-layer all solid-state batteries on the company's continuous roll-to-roll production line, which exclusively utilises industry standard lithium-ion production processes and equipment. Both Ford and the BMW Group will receive full-scale 100 Ah cells for automotive qualification testing and vehicle integration beginning in 2022.