BMW and Ford Invest $130 Million to Secure Solid-State Batteries for Future Electric Vehicles
(A Solid Power manufacturing engineer holds two 20 ampere hour all solid-state battery cells for the BMW Group and Ford Motor Company. The 20 ampere hour all solid-state battery cells were produced on Solid Power’s Colorado-based pilot production line. Credit: Solid Power)
A recent $130 million Series B investment round for solid-state batteries was led by the BMW Group, Ford Motor Company, and Volta Energy Technologies. The companies are investing in Solid Power, a producer of solid-state batteries for electric vehicles. 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.
Ford Motor Co (F.N) and BMW AG (BMWG.DE) are leading a $130 million funding round in a solid-state battery startup, Solid Power, as carmakers push to lower the cost of electric vehicles by investing in the development of affordable but powerful rechargeable batteries, the companies said on Monday.
Ford and BMW Are Now Partners in Chasing Solid-State Batteries 3 May 2021, 14:27 UTC ·
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For car manufacturers who are clearly steering towards an electric future, solid state batteries and the promise of lighter, cheaper and more capable hardware for EVs are the promised land. One that will not be easy to reach, and will require from time to time the most unexpected of partnerships. 1 photo
Ford and BMW are two of the companies currently chasing solid-state batteries. Although they do this on their own, neither shies away from backing other specialized companies in the hopes of getting access to a solution a lot faster.
Ford, BMW lead Solid Power’s $130M Series B round
A Solid Power manufacturing engineer holds two 20 ampere hour (Ah) all solid state battery cells for the BMW Group and Ford Motor Company. The 20 ampere hour (Ah) all solid state battery cells were produced on Solid Power’s Colorado-based pilot production line.
Source: Solid Power.
Solid state battery systems have long been considered the next breakthrough in battery technology, with multiple startups vying to be the first to commercialization. Automakers have been some of the top investors in the technology, each of them seeking the edge that will make their electric vehicles safer, faster and with increased range.
Solid Power makes so-called solid-state batteries, which don t use the liquid electrolyte found in the conventional lithium-ion batteries currently used to power most electric vehicles. The batteries can be lighter, with greater energy density that provides more range at a lower cost. But they are currently more costly than lithium-ion batteries and early in development.
Under the new agreement, Ford and BMW will receive automotive-capable battery cells from Solid Power for testing and integration into its future vehicles starting next year. The Series B investment round will allow the company to expand in-house manufacturing capabilities and positions, Solid Power CEO Doug Campbell said in a release.