Umicore announces equity investment in Solid Power, leading developer of next-generation solid state batteries
Following the announcement by Solid Power to become a publicly listed company through a special purpose acquisition company (SPAC), Umicore communicates today that it holds a stake in Solid Power’s pre-SPAC transaction. This stake was built through two successive investment rounds (series A and B) which Solid Power raised before launching the next phase of its growth through a public listing.
Founded in 2012, Solid Power is a Colorado-based industry-leading developer of next-generation all-solid-state batteries for electric vehicles. With eight years of technology development and three years of manufacturing development, Solid Power has been working to deliver better performing all-solid-state batteries using low-cost, industry standard processes. Solid Power’s all-solid-state batteries alleviate the two largest concerns for passenger EV adoption: cost and range anxiety, with an expected 50 to 75% increase in energy density compared to any commercially available lithium-ion battery today. The safety profile of Solid Power’s batteries also exceeds that of traditional lithium-ion as a result of its truly all-solid cell architecture. Several leading car manufacturers and cell makers such as Ford, BMW, Hyundai and Samsung invested in Solid Power’s promising technology.
As a materials technology company, innovation is at the core of Umicore’s success. Umicore is a leading producer of cathode materials for lithium-ion batteries used in electric vehicles and is committed to developing materials that deliver higher energy density, faster charging times and lower costs. Its technology roadmap spans short-, mid- and long-term research horizons for cathode and composite anode materials including those used in solid state technologies. Alongside its own research programs, Umicore promotes open innovation and supports the development of promising technologies by start-up companies such as Solid Power.