LOUISVILLE – Solid Power Inc. (Nasdaq: SLDP) has deepened its partnership with the BMW Group, granting it a research and development license to Solid Power’s cell design and manufacturing knowhow.
Solid Power, a Louisville-based developer of all-solid-state battery and sulfide-based electrolyte technology, announced the expanded joint development agreement Wednesday, adding in a news release that “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 release said, the BMW Group’s personnel will work hand-in-hand at Solid Power’s facilities to optimize cell manufacturing processes.”
“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,” Derek Johnson, Solid Power’s chief operating officer, said in a prepared statement. “We believe this expanded partnership and increased collaboration is an added vote of confidence in Solid Power’s technology development.”
The BMW Group has agreed to pay Solid Power $20 million through June 2024, subject to achieving certain milestones. The expanded 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.”
Solid Power makes rechargeable battery cells for electric vehicles and mobile power markets, replacing the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. It designs the cells 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.