Solid Power, a solid-state battery manufacturer supported by Ford and BMW, has been successfully listed through SPAC
Solid Power, a solid-state battery developer backed by Ford and BMW, saw its share price hit a high shortly after the market opened on Thursday.
As one of the companies in the electric vehicle field that have gone public through SPAC means in recent years, Solid Power announced a merger with Decarbonization Plus Acquisition Corp III in June, with an implied valuation of 1.2 billion U.S. dollars after the transaction.
Solid state power battery cell
This operation finally brought about US$542.9 million in revenue to Solid Power-very close to the estimated US$600 million (because the number of redemptions before the shareholder vote was very small)-including a private equity fund of US$195 million ( PIPE) and $347.9 million in trust cash.
Obviously, if you want to pursue becoming the world’s first company to commercialize EV solid-state batteries, Solid Power needs a lot of capital to leverage this market.
Major feature
A major feature of solid-state batteries is that the electrolyte is changed from liquid to solid. Many excellent characteristics make it considered by many people as the next breakthrough.
Developers claim that in addition to providing excellent energy density / EV range, solid-state batteries can also get rid of the dependence on liquid electrolytes, thereby minimizing the fire risk associated with traditional batteries.
Recently, Solid Power has been working hard to expand the footprint of the Colorado plant, hoping to trial-produce commercial-grade 100A solid-state batteries in early 2022, so as to be the first to deliver to investors (Ford and BMW) for related testing.
Recently, Solid Power has been working hard to expand the footprint of the Colorado plant, hoping to trial-produce commercial-grade 100A solid-state batteries in early 2022, so as to be the first to deliver to investors (Ford and BMW) for related testing.
According to the plan, the company will use the funds raised to provide support for subsequent integrated operations until 2026.
However, Solid Power’s long-term business plan is not to become a large battery manufacturer like LG Chem or SK Innovation, but to license batteries to more original equipment (OEM) manufacturers.
The company’s CEO Doug Campbell said in an interview earlier this year: “In the long run, we are actually a materials company and hope to become an industry leader in solid electrolyte materials.”
