Solid Power, a Louisville, Colo.-based provider of all solid-state batteries (ASSB), closed $20m in Series A funding.
Backers included Hyundai CRADLE, Samsung Venture Investment Corp., Sanoh Industrial Co., Solvay Ventures, and A123 Systems.
The company intends to use the funds to scale-up production via a multi-MWh roll-to-roll facility, which will be fully constructed and installed by the end of 2018 and fully operational in 2019.
Established in 2012 by CEO Doug Campbell, Solid Power develops next-generation all solid-state batteries, which provide a major improvement in energy density, safety, and reliability compared to the best lithium-ion cells available. Applications include electric vehicles, medical devices, aircraft, and satellites through increased run time, increased safety, and lower cost.
This production capacity will be utilized for preliminary qualification of the company’s solid-state cells for multiple markets including automotive, aerospace and defense.
Solid Power occupies a 21,000 square-foot facility located within the Colorado Technology Center in Louisville, CO, along the front range of the Rocky Mountains. In December of 2017, the company announced its 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.