Solid Power is a Colorado-based startup that spun out of a battery research program at the University of Colorado Boulder.
The company claims to have achieved a breakthrough by incorporating a high-capacity lithium metal anode in lithium batteries – creating a solid-state cell with an energy capacity “2-3X higher” than conventional lithium-ion.
They have already attracted investments from important companies, like A123 Systems and more recently BMW, which planned to validate their battery technology for the automotive market.
Now they are announcing this week the addition Hyundai, Samsung and several others to the list as they close a $20 million series A round of financing.
They are now working with two automakers and two battery cell suppliers for the auto industry.
Co-founder and CEO Doug Campbell commented on the announcement:
“We are at the center of the ‘electrification of everything’ with ASSB technology emerging as the clear leader in ‘post lithium-ion’ technologies. Solid-state batteries are a game changer for EV, electronics, defense, and medical device markets, and Solid Power’s technology is poised to revolutionize the industry with a competitive product paying special attention to safety, performance, and cost.”
In a press release, the company listed a bunch of advantages that they claim their technology has over current batteries:
- 2 – 3X higher energy vs. current lithium-ion
- Substantially improved safety due to the elimination of the volatile, flammable, and corrosive liquid electrolyte as used in lithium-ion
- Low-cost battery-pack designs through:
- Minimization of safety features
- Elimination of pack cooling
- Greatly simplified cell, module, and pack designs through the elimination of the need for liquid containment
- High manufacturability due to compatibility with automated, industry-standard, roll-to-roll production
Solid Power said that it plans to use the funds from its Series A investment 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.”