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

India’s Gennova Biopharmaceutical working on Omicron-specific vaccine

India’s Gennova Biopharmaceutical working on Omicron-specific vaccine

By Nikita Chaurasia

Gennova's potential mRNA vaccine is currently undergoing Phase II and Phase III trials. If approved for a EUA, it would be India’s first mRNA COVID-19 vaccine. Gennova Biopharmaceutical, a subsidiary of Pune-based drugmaker Emcure, is...

Recykal secures USD 22 Mn in a fundraise led by Morgan Stanley India

Recykal secures USD 22 Mn in a fundraise led by Morgan Stanley India

By Nikita Chaurasia

Recykal, a B2B waste management and recycling marketplace head-quartered in Hyderabad, has reportedly raised USD 22 million in funding from Morgan Stanley India. According to the company, existing investors including Circulate Capital, Arun Venkatac...

Reliance buys controlling stake in NYC hotel in its hospitality push

Reliance buys controlling stake in NYC hotel in its hospitality push

By Nikita Chaurasia

Reliance Industries Ltd. is reportedly planning to acquire a controlling stake in New York's five-star Mandarin Oriental Hotel for around USD 100 million. The company stated in a stock exchange filing that its industrial investments subsidiary, ...

India inoculates 3.8 million teens over fears of third COVID-19 wave

India inoculates 3.8 million teens over fears of third COVID-19 wave

By Nikita Chaurasia

India has reportedly vaccinated over 3.8 million teens aged between 15-18 years as of 3rd January in an effort to boost its inoculation drive to protect the large young population before the onslaught of a possible third wave of coronavirus infection...

Apple on track to become the world’s first USD 3 trillion company

Apple on track to become the world’s first USD 3 trillion company

By Nikita Chaurasia

Tech giant Apple Inc. has once again become the world’s most valuable company as it is just a hair's breadth away from a market capitalization of USD 3 trillion. On Monday, the iPhone maker’s shares slid a little over 2% to USD 175.7...