Solid Power
Compare Solid Power…Solid Power, Inc. focuses on the development and commercialization of all-solid-state battery cells and solid electrolyte materials.
SectorsBatteries
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Solid PowerSolid Power, Inc. focuses on the development and commercialization of all-solid-state battery cells and solid electrolyte materials.
| Year / Milestone | BMW Activity | Ford Activity |
|---|---|---|
| 2017: JDA signed (BMW) | Joint Development Agreement signed with BMW for sulfide-electrolyte solid-state cell development; multi-year R&D commitment + milestone-based payments | Pre-engagement |
| 2019-2020: A-sample development | A-sample (lab-scale) cell development with BMW; initial coin-cell + small-format prototypes; pre-pilot-line work | Not yet involved |
| 2021: BMW JDA expanded + Ford signed | BMW JDA expanded to include pilot-line + B-sample development; multi-year milestone-payment schedule revised upward | Ford development partnership signed; A-sample evaluation scope with Solid Power's sulfide electrolyte |
| 2022: Pilot-line operational | BMW + Solid Power inaugurated EV cell pilot line (Thornton CO); produced first A-sample large-format cells for BMW evaluation | Continued A-sample evaluation; smaller engagement than BMW |
| 2023: A-sample delivery | Multiple A-sample cell batches delivered to BMW for vehicle-validation testing; BMW began internal evaluation of cells in test packs | Some A-sample shipments; Ford's role becoming smaller in proportion to BMW |
| 2024: SK On pivot begins | BMW JDA continues but milestone cadence slows; B-sample development active but commercialization timeline extended; Solid Power's commercial focus shifts to SK On Korean LFP partnership | Ford role effectively wound down; no announced new milestones; revenue from Ford partnership reaches ~zero by year-end |
| 2025: SK On is the primary commercial vehicle | BMW JDA milestones continue at reduced cadence; BMW's own solid-state internal team (Munich) takes more of the development burden; Solid Power's BMW-attributable revenue declines materially | Ford partnership effectively closed; no new milestones |
| Cumulative deal economics | BMW partnership generated ~$15-25M in cumulative R&D revenue for Solid Power through 2024; precise milestone-payment terms undisclosed but inferred from SLDP 10-K segment narrative | Ford partnership generated <$5M cumulative; narrow scope from inception |
| Editorial. Why this retrospective matters | Strategic context | The BMW + Ford partnerships were SLDP's marquee narrative through 2024 IPO + post-IPO years. The 2024-2025 pivot to SK On (~$11-15M annual revenue) is a smaller commercial vehicle but more concrete (SK On has Korean LFP production at scale; BMW + Ford were still pre-commercial). The retrospective is a cautionary case for OEM-startup JDA structures: BMW + Ford's strategic patience didn't produce a commercial product within the original 2025-2026 SOP window, and SLDP had to pivot to find a path to revenue |
Q4 2021-Q3 2025
FY 2022-FY 2025
2021-2025
$SLDP
Develops sulfide-based solid-state batteries for next-generation EVs in partnership with BMW and Ford. Pre-revenue company with a pilot production line and ~$400M in available capital to reach commercialization. Focused on licensing its solid-state cell technology to automaker partners rather than mass-producing cells directly.
Key Milestones
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.
