BMW, Ford lead Solid Power’s USD 130 million Series B funding round

By Nikita Chaurasia  | Date: 2021-05-05

BMW, Ford lead Solid Power’s USD 130 million Series B funding round

Solid Power Inc., a leading U.S-based producer of solid-state batteries has reportedly secured USD 130 million in the Series B funding round led by renowned car makers namely Ford Motor Company and BMW Group. 

These funds will be used to develop affordable and powerful rechargeable batteries which will further help in reducing the overall cost of electric vehicles.

This announcement comes amid several efforts taken by carmakers to accelerate the development of electric vehicles due to tightening CO2 emission standards in China and Europe.

Sources claimed that Solid Power’s Series B funding round will help in increasing the manufacturing capacity and supply batteries at a lowered price for electric vehicles by 2030.

For the record, solid-state battery technology includes a high-capacity energy storage device that is powered by a solid conductive material instead of using lithium-ions. Modern technology is relatively safer than using a lithium-ion-powered battery owing to its lack of flammable components. It is also known to provide a higher energy density.

However, the production capacity of solid-state batteries must be increased to meet the growing demand while its pricing is required to be on par with the lithium-ion cell technology used until recently, cited sources with relevant information.

Doug Campbell, the Co-founder and CEO of Solid Power, reportedly said that the new capital and partnerships will help the startup in developing advanced solid-state technology and making it fit for use in electric vehicles soon.

Hau Thai-Tang, Chief product platform, and operations officer of Ford Motors mentioned that the automaker has worked with various startups in this field but is most impressed with the track record of Solid Power.

Notably, Ford Motor Company had invested in the first funding round for Solid Power as well. Samsung Electronics Co. Ltd., Volta Energy Technologies, and Hyundai Motor Company had also participated in Solid Power’s previous funding round.

Source Credits –

https://www.reuters.com/business/autos-transportation/exclusive-ford-bmw-lead-130-mln-investing-round-solid-state-battery-startup-2021-05-03/

 

 

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Pacific Island pushes Japan to delay wastewater release from Fukushima

Pacific Island pushes Japan to delay wastewater release from Fukushima

By Nikita Chaurasia

Pacific Island nations have reportedly pushed Japan to postpone the release of Fukushima nuclear power plant wastewater due to concerns that it may pollute fishing grounds. An appeal was made on Wednesday when Japan announced that treated sewage f...

Activist groups take Danone to court over excessive use of plastics

Activist groups take Danone to court over excessive use of plastics

By Nikita Chaurasia

Danone, the French bottled water and yogurt firm, is reportedly being sued in court by three environmental activists’ groups for failing to cut its plastic footprint significantly. According to the groups, the maker of Evian and Volvic miner...

Bosch expands security with dashcams designed for rideshare drivers

Bosch expands security with dashcams designed for rideshare drivers

By Nikita Chaurasia

Bosch, the German technology company, has reportedly expanded its security footprint in the ridesharing market with the launch of its latest security dashcams. At CES 2023, Las Vegas, the German tech firm unveiled a new integrated smart camera on ...

Australia: PM Albanese denies potential $450M payout to Rio Tinto

Australia: PM Albanese denies potential $450M payout to Rio Tinto

By Nikita Chaurasia

Australia's Prime Minister Anthony Albanese has reportedly denied rumors that Rio Tinto and its partners could receive a $450 million settlement for the Gladstone power station, which would bring the total compensation for the coal price limit to...

UK: Firms still struggle with post-Brexit trading and red tape

UK: Firms still struggle with post-Brexit trading and red tape

By Nikita Chaurasia

Businesses in the UK are still reportedly grappling after two years following the beginning of post-Brexit trading, as suggested by a new report. According to the British Chambers of Commerce (BCC), firms are still battling increased red tape and ...