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.