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| Period | BMW | Ford |
|---|---|---|
| 2016 to 2017 | Relationship began in 2016. 2017 announcement of a partnership to jointly develop solid-state battery cell technology. | Not yet a JDA partner. |
| 2021 | BMW Holding B.V. joined the $135.6 million Series B (closed May 2021). JDA executed for EV cells for testing and vehicle integration. | JDA signed for testing and vehicle integration of EV cells. Ford also participated in the Series B. |
| 2022 | JDA amended to give BMW a research-and-development-only license to install a solid-state prototype cell manufacturing line. BMW agreed to pay $20 million between December 2022 and June 2024, subject to milestones (later extended). | JDA continued. Ford is not a >10% revenue customer in later 10-K tables. |
| 2023 | A-1 cells delivered to BMW in late 2023 (FY 2024 10-K). 2023 collaborative revenue of $12.303 million is the BMW customer in the FY 2024 10-K segment table. | No separate >10% customer line. Not split out from other collaborative revenue. |
| 2024 | June and September 2024 JDA amendments extended the term, revised the payment schedule, and set cell-performance requirements. Joint development and manufacturing at Solid Power facilities. 2024 BMW collaborative revenue $5.410 million. | December 2024 amendment extended the JDA to 31 Dec 2025 and revised cell-material delivery obligations. |
| 2025 | May 2025: BMW introduced an i7 test vehicle featuring Solid Power cells. October 2025: Joint Evaluation Agreement with Samsung SDI and BMW AG; Solid Power supplies electrolyte to Samsung SDI. Q2 2026 10-Q: BMW paid the $20 million between December 2022 and June 2025. 2025 BMW collaborative revenue $0.189 million. | 31 Dec 2025 amendment extended expiration to 31 Mar 2026, revised deliverables, and granted Ford a license to certain background technology, in connection with winding up cell-development activities with Ford. |
| H1 2026 | JDA revenue $0 in Q1 and H1 2026. Electrolyte sales to BMW $0.092 million in Q2 2026 and H1 2026. Joint Evaluation Agreement with Samsung SDI remains the active BMW path; initial phase expires 30 Sep 2026 (Q2 2026 10-Q MD&A). | FY 2025 10-K expected the JDA to expire by its terms on 31 Mar 2026. Q2 2026 10-Q does not print a Ford JDA revenue line. |
| Period | Printed MT | What is printed |
|---|---|---|
| As of May 2026 | 30 | Annual capacity from two batch pilot electrolyte lines (May 2026 and June 2026 IR decks). |
| Contract through 2030 | 8 | SK On minimum electrolyte purchase under the electrolyte supply agreement (FY 2025 10-K). Not annual production. |
| Period | Printed terms | Status |
|---|---|---|
| 2021 | Non-exclusive JDA for joint production of EV cells. SK On invested $30 million in connection with the SPAC closing. | Superseded by the January 2024 SK On Agreements. FY 2024 10-K expected the 2021 JDA to expire 31 Mar 2025. |
| January 2024 agreements | R&D license: $20 million of payments from 2024 to 2027 on milestones (R&D use only, not commercial cell production). Line installation: estimated $22 million to design, procure, and install a pilot cell line at an SK On Korea facility. Electrolyte supply: SK On required to purchase at least eight metric tons through 2030; Solid Power expects at least $8.3 million from those sales (FY 2025 10-K). | Signed. FY 2024 10-K used at least $10 million for the electrolyte sales print; FY 2025 10-K restated the same offtake as at least $8.3 million. |
| FY 2024 revenue | SK On Agreements accounted for $11.8 million of 2024 revenue (MD&A). Segment table Customer C (US $3.020 million plus Korea $8.760 million) equals $11.780 million. | Recognized. Trainings, line design, and equipment ordering and testing for the SK On Line. |
| FY 2025 | Collaborative Customer D (US $9.062 million plus Korea $6.053 million) equals $15.115 million, identified as SK On via the MD&A (primarily SK On Agreements). Factory acceptance testing completed. Site acceptance testing neared completion at year-end. | FAT complete. SAT substantially complete at 31 Dec 2025; 10-K expected SAT in Q1 2026. |
| April to May 2026 | SAT milestone achieved 10 Apr 2026. $8.9 million reclassified from contract assets to accounts receivable. Line installation agreement completed in April 2026. Associated milestone payment received in May 2026. | Line installation complete. Q2 2026 10-Q: negotiating a new collaboration that would replace or amend the SK On R&D license. |
| Q2 2026 revenue adjustment | $1.2 million reversal of previously recognized non-government revenue. Change in assumptions on variable-consideration constraints for certain R&D license milestone payments. | Printed catch-up. Q2 2026 total revenue and grant income $(0.268) million. |
Founded as a spin-out from University of Colorado Boulder by Doug Campbell, Conrad Stoldt and Sehee Lee to commercialize sulfide solid-electrolyte ASSB (all-solid-state battery) technology. Initial DOE/ARPA-E funding lays groundwork for Argyrodite-class sulfide chemistry that enables drop-in compatibility with existing roll-to-roll Li-ion manufacturing: a key differentiation versus QuantumScape's ceramic-oxide path.
Ford and BMW led a $130M Series B financing to advance sulfide all-solid-state cells: both automakers signed 100 Ah cell joint development agreements with Solid Power. BMW's solid-state pilot pack target: 2027 in 7-Series successor. Funding takes Solid Power's pre-revenue runway through 2024 SPAC merger.
Listed on Nasdaq via Decarbonization Plus Acquisition III SPAC merger at ~$1.2B implied valuation: gross proceeds ~$542M including PIPE. Cash runway through 2025. Stock peaked at $14 (Dec 2021) and fell to <$2 by 2023 amid solid-state-timeline reset.
Produced first 20 Ah all-solid-state EV cells on its Colorado pilot production line: 100 EV-format cells delivered to Ford and BMW automotive validation programs. Industry's first sulfide-electrolyte automotive-grade ASSB samples at scale.
Delivered first A-1 sample cells to BMW for in-vehicle automotive validation: 20 Ah ASSB cells installed in BMW i7 / iX prototypes for road-test campaigns. A-sample to B-sample timeline targets 2025-2026 toward 7-Series successor solid-state pack debut.
Completed installation of continuous sulfide-electrolyte production line in Thornton, Colorado: capacity for 30 metric tons/yr, sufficient for ~1 GWh of automotive ASSB cells. Industrial-scale electrolyte production is a key bottleneck for automotive ASSB ramp; Solid Power among first global producers at >10 t/yr scale.
SK On expanded license to include manufacture of solid-electrolyte cells in Korea: license fee $20M + per-Wh royalty at full ramp. SK On targets pilot ASSB cells in Korea for 2027 vehicle programs. Solid Power's first major Korean licensee, broadening beyond BMW/Ford.
BMW iX5 Hydrogen-platform-derived BEV testing ASSB-equipped pack: 100 Ah Solid Power cells, 600 km targeted range. First road-test fleet of >10 vehicles; data feed informs B-sample qualification for 2027 7-Series successor program.