US-based solid-state battery developer Solid Power has completed a $20m series A round featuring corporate investors Samsung, Sanoh Industrial, Hyundai, Solvay and A123 Systems.
Carmaker Hyundai, electronics producer Samsung and chemicals supplier Solvay took part through subsidiaries Hyundai Cradle, Samsung Venture Investment and Solvay Ventures but automotive components maker Sanoh and advanced battery producer A123 invested directly.
Founded in 2012, Solid Power provides all solid-state batteries (ASSB) that utilise solid electrodes and electrolytes rather than the liquid or polymer electrolytes used in lithium-ion batteries, and which it claims are also safer and capable of supplying a greater run time from each charge.
The series A capital will fund construction of a roll-to-roll production facility intended to be fully operational by next year, supporting the company’s aim to preliminarily qualify its battery cells for use in the electric vehicle (EV), aerospace and defence industries.
Doug Campbell, co-founder and chief executive of Solid Power, said: “We are at the centre of the ‘electrification of everything’ with ASSB technology emerging as the clear leader in ‘post lithium-ion’ technologies.
“Solid-state batteries are a game changer for EV, electronics, defence and medical device markets, and Solid Power’s technology is poised to revolutionise the industry with a competitive product paying special attention to safety, performance and cost.”