Solid Power, Inc. (Nasdaq: SLDP), an industry-leading developer of
all-solid-state battery and sulfide-based electrolyte technology,
today announced it has deepened its partnership with the BMW Group.
Under an expanded Joint Development Agreement, Solid Power has
granted the BMW Group a research and development license to Solid
Power’s all-solid-state cell design and manufacturing know-how.
The broadened relationship provides significant benefits to both
companies, including conducting complementary cell development and
manufacturing activities at both Solid Power and the BMW Group to
further advance the capability of Solid Power’s technology. The BMW
Group intends to duplicate Solid Power’s pilot production lines at
its own facility in Germany and produce prototype cells based on
Solid Power’s proprietary technology. Prior to the installation of
the BMW Group’s prototype line, the BMW Group’s personnel will work
hand-in-hand at Solid Power’s facilities to optimize cell
manufacturing processes.
BMW iX at Solid Power’s Louisville, Colorado
Headquarters. Photo Courtesy of Solid Power.
“We could not be more excited about growing our relationship
with BMW, a company that has demonstrated a strong commitment to
Solid Power’s technology for the past seven years,” said Dr. Derek
Johnson, Chief Operating Officer of Solid Power. “We believe this
expanded partnership and increased collaboration is an added vote
of confidence in Solid Power’s technology development.”
“BMW remains committed to the pursuit of all-solid-state
batteries, a technology which we believe has significant potential
for the future,” said Frank Weber, Member of the Board of
Management BMW AG, Development. “We look forward to working even
more closely with Solid Power and adding the capability to produce
solid-state cells based on Solid Power’s designs at our own pilot
facility. We expect this agreement to accelerate the installation
of our solid-state prototype line and our companies’ mutual goal of
commercializing this promising cell technology.”
The BMW Group has agreed to pay Solid Power $20 million through
June 2024, subject to achieving certain milestones. The expanded
Joint Development Agreement includes sharing of proprietary
all-solid-state electrode and cell manufacturing know-how but does
not include a license to intellectual property related to Solid
Power’s electrolyte material, which remains its core business. Once
the BMW Group installs its prototype production line, Solid Power
expects to supply its electrolyte material to the BMW Group for
prototype cell production.
“Expanding our relationship with BMW is further evidence that
both companies believe Solid Power is on the right track with its
technology development,” said David Jansen, Interim CEO, President
and Chair of Solid Power. “I am encouraged by the progress our team
continues to make toward achieving our company’s goals. Over the
past several months, we began delivering 20 Ah cells to our
partners, including BMW, for initial testing and commenced
production of our initial EV cells. We look forward to bringing our
electrolyte manufacturing facility online and commencing the formal
automotive qualification process.”
About Solid Power, Inc.
Solid Power is an industry-leading developer of all-solid-state
rechargeable battery cells for electric vehicles and mobile power
markets. Solid Power replaces the flammable liquid electrolyte in a
conventional lithium-ion battery with a proprietary sulfide-based
solid electrolyte. As a result, Solid Power's all-solid-state
battery cells are expected to be safer and more stable across a
broad temperature range, provide an increase in energy density
compared to the best available rechargeable battery cells, enable
less expensive, more energy-dense battery pack designs and be
compatible with traditional lithium-ion manufacturing processes.
For more information,
visit http://www.solidpowerbattery.com/.
Forward Looking Statements All statements other
than statements of present or historical fact contained herein are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including Solid
Power’s or its management team’s expectations, objectives, beliefs,
intentions or strategies regarding the future. When used herein,
the words “could,” “should,” “will,” “may,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,”
“outlook,” “seek,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These statements include our financial guidance
for 2022, future financial performance and our strategy, expansion
plans, market opportunity, future operations, future operating
results, estimated revenues, losses, projected costs, prospects,
plans and objectives of management, expectations regarding
management transitions and expectations regarding the impact of the
COVID-19 pandemic on our business and industry. These
forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Solid Power disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. Readers are cautioned not to put undue reliance on
forward-looking statements and Solid Power cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Solid Power, including the
following factors: (i) risks relating to the uncertainty of the
success of our research and development efforts, including our
ability to achieve the technological objectives or results that our
partners require, and to do so in advance of the development of
competing technologies; (ii) risks relating to the non-exclusive
nature of our original equipment manufacturers and joint
development agreement relationships; (iii) our ability to negotiate
and execute supply agreements with our partners on commercially
reasonable terms; (iv) our ability to protect our intellectual
property, including in jurisdictions outside of the United States;
(v) broad market adoption of electric vehicles and other
technologies where we are able to deploy our all-solid-state
batteries, if developed successfully; (vi) our success in retaining
or recruiting, or changes required in, our officers, key employees,
including technicians and engineers, or directors; (vii) risks and
potential disruptions related to management transitions; (viii)
changes in applicable laws or regulations; (ix) risks related to
technology systems and security breaches; (x) the possibility that
COVID-19 or a future pandemic may adversely affect our results of
operations, financial position and cash flows; (xi) the possibility
that we may be adversely affected by other economic, business or
competitive factors, including supply chain interruptions, and may
not be able to manage other risks and uncertainties; (xii) risks
relating to our status as an early stage company with a history of
financial losses, and an expectation to incur significant expenses
and continuing losses for the foreseeable future; (xiii) rollout of
our business plan and the timing of expected business milestones;
(xiv) the termination or reduction of government clean energy and
electric vehicle incentives; (xv) delays in the construction and
operation of production facilities; and (v) changes in domestic and
foreign business, market, financial, political and legal
conditions. Additional information concerning these and other
factors that may impact the operations and projections discussed
herein can be found in the “Risk Factors” section of Solid Power’s
Annual Report on Form 10-K for the year ended December 31, 2021 and
other documents filed by Solid Power from time to time with the
SEC, all of which are available on the SEC’s website at
www.sec.gov. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Solid Power gives no assurance that it will achieve its
expectations.
Solid Power Contact Information
For Media:Will McKennaMarketing Communications Director(720)
598-2877press@solidpowerbattery.com
For Investors:Kevin PaprzyckiChief Financial Officer1 (800)
799-7380investors@solidpowerbattery.com
Website: www.solidpowerbattery.comTwitter:
https://twitter.com/SolidPowerIncLinkedIn:
https://www.linkedin.com/company/solid-power
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/14492bcb-87c9-45b1-90ab-b2440f79782c
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