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Solid Power Partners with SK Innovation to Jointly Produce All-Solid-State Batteries
Solid Power and SK Innovation sign a memorandum of understanding and joint development agreement with intent to manufacture all-solid-state cells using Solid
About this update from Solid Power, Inc.
[{"type":"text","content":"Solid Power and SK Innovation sign a memorandum of understanding and joint development agreement with intent to manufacture all-solid-state cells using Solid Power’s proprietary electrolyte for automotive qualification testing.Partnership intended to validate battery cell development and production process as Solid Power works toward commercialization of its all-solid-state cells and electrolyte materials.SK Innovation plans to work with Solid Power to further develop Solid Power’s all-solid-state battery technology.SK Innovation commits to make a $30 million investment in Solid Power through subscription to purchase shares in DCRC’s previously announced PIPE transaction, which results in aggregate PIPE commitments of $195 million. LOUISVILLE, Colo., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Solid Power, Inc. (the “Company” or \"Solid Power\"), an industry-leading developer of all-solid-state battery cells for electric vehicles, in the process of merging with Decarbonization Plus Acquisition Corporation III (\"DCRC\") (NASDAQ: DCRC), today announced a partnership with SK Innovation Co (“SK Innovation”) to manufacture automotive-scale all-solid-state batteries under a memorandum of understanding (“MoU”) and joint development agreement (“JDA”). Together, the partnership is expected to enable SK Innovation to produce automotive-scale all-solid-state battery cells utilizing Solid Power’s sulfide-based solid electrolyte, proprietary cell designs and production processes. The partnership is intended to facilitate the validation of Solid Power’s all-solid-state cell development and production techniques as part of the industry-standard automotive qualification process (“APQP”). This marks a key milestone on Solid Power’s strategic roadmap to achieve commercial production of all-solid-state battery cells for electric vehicle integration and use. “The partnership with SK Innovation is designed to validate that Solid Power’s all-solid-state production processes are scalable and compatible with existing lithium-ion production technology,” said Doug Campbell, CEO and co-founder of Solid Power. “The ability to collaborate with a global leader in lithium-ion cell production is key to our go-to-market strategy and meeting anticipated demand.” Through the JDA, SK Innovation and Solid Power plan to cooperate on all-solid-state cell development, validati...