Solid Power Raises $130M in Series B Funding

Solid Power, a Louseville, Colo.-based producer of all solid-state batteries for electric vehicles, raised $130m in Series B funding.

The round was led by the BMW Group, Ford Motor Company and Volta Energy Technologies. Ford and the BMW Group have also expanded existing joint development agreements with Solid Power to secure all solid-state batteries for future electric vehicles.

The company intends to use the funds to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration.

Led by Doug Campbell, CEO and co-founder, Solid Power is a producer of all solid-state rechargeable batteries for electric vehicles and mobile power markets. The company is currently producing 20 ampere hour (Ah) multi-layer all solid-state batteries on its continuous roll-to-roll production line, which exclusively utilizes 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.