Solid Power, Inc. · NASDAQ:SLDP
Solid Power — Decarbonization Plus Acquisition Corp III — SPAC Merger (October 2021)
68 slides from Solid Power's SPAC merger presentation, Oct 13, 2021
Slide 1: A New Breed of Battery Analyst Day
A New Breed of Battery Analyst Day October 13, 2021A New Breed of Battery Analyst Day October 13, 2021
Slide 2: Disclaimer
Disclaimer Important Information for Investors and Stockholders This presentation (this “Presentation”) is being made in respect of the proposed transaction involving Decarbonization Plus Acquisition Corporation III (“DCRC”) and Solid Power, Inc. (“Solid Power”). A full description of the terms of t
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) Use of Projections This Presentation contains projected financial information with respect to Solid Power. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative
Slide 4: Table of Contents
Table of Contents Robert Tichio Chairman of Decarbonization Plus Leadership in All-Solid-State Batteries Acquisition Corporation III The All-Solid-State Platform Doug Campbell Value Proposition CEO of Solid Power Josh Buettner-Garrett Technology CTO of Solid Power Derek Johnson Path to Market COO of
Slide 5: Solid Power Leadership in All-Solid-State Batteries
Solid Power Leadership in All-Solid-State Batteries Robert Tichio, Chairman of Decarbonization Plus Acquisition Corporation III 5Solid Power Leadership in All-Solid-State Batteries Robert Tichio, Chairman of Decarbonization Plus Acquisition Corporation III 5
Slide 6: Solid Power is the Leader in All-Solid-State Batteries
Solid Power is the Leader in All-Solid-State Batteries Developing and producing OEM-validated batteries and materials on industry standard equipment Company Highlights Key Business Highlights 1 Disruptive, Scalable Business Model Addressing ~$590bn+ Market 10 Years of R&D Founded in 2011 Proven Low-
Slide 7: Solid Power's All-Solid-State Platform is a Revolutionary Advancement
Solid Power’s All-Solid-State Platform is a Revolutionary Advancement A liquid and gel-free battery cell provides unique advantages over lithium-ion and other next-gen solutions Range Battery Life Safety Next Gen Cost Solid electrolyte Non-volatile, 100% Enables next gen Lower material and 1 482 vs
Slide 8: Real Results on the Path to Commercialization
Real Results on the Path to Commercialization Rapid performance and manufacturing achievements 2 100 Ah 2022 20 Ah 2 Ah 2020 0.2 Ah 2020 2019 EV Cell Line Under Construction 1-Layer, 5 x 10 cm Cell 10-Layer, 5 x 10 cm Cell 22-Layer, 9 x 20 cm Cell Cell Production Expected in 2022 1 Independently tes
Slide 9: The Electric Vehicle Transition is Underway
Global EV Penetration as % of Sales The Electric Vehicle Transition is Underway When produced at scale, All-Solid-State batteries are expected to rapidly capture significant market share 1 Annual Global Passenger EV Sales EV Battery Total Addressable Market (Millions of Vehicles Sold) ($ in Billions
Slide 10: Automotive Partners are Committed to Electric Vehicles
Automotive Partners are Committed to Electric Vehicles Will invest at least $30bn by 2025 into electrification Expanded JDAs announced in May 2021 Developing 100Ah automotive cells for qualification testing and vehicle integration via BMW and Ford 25 electrified BEV, PHEV models by 2023 … and have s
Slide 11: Experienced Management Team
Experienced Management Team Extensive history in battery science, materials and manufacturing Doug Campbell Josh Buettner-Garrett Derek Johnson Co-Founder / CEO, Chairman Chief Technology Officer Chief Operations Officer • Startup veteran with extensive experience in • Previously the Energy Storage
Slide 12: Highly Experienced Post-Close Board
Highly Experienced Post-Close Board SLDP Class 1 Erik Anderson Doug Campbell Robert Tichio CEO, Decarbonization Plus Acquisition Corp III Executive Chairman, Co-Founder / CEO Chairman of Decarbonization Plus Acquisition Corp III • CEO and Founder of WestRiver Group • Startup veteran with extensive e
Slide 13: The Solid Power All-Solid-State Platform Value Proposition
The Solid Power All-Solid-State Platform Value Proposition Doug Campbell, CEO of Solid Power 13The Solid Power All-Solid-State Platform Value Proposition Doug Campbell, CEO of Solid Power 13
Slide 14: Key Challenges of Current Lithium-Ion Technology
Key Challenges of Current Lithium-Ion Technology 1 2 3 4 Limited 2 Cells Must Be Kept Cool Elevated Safety Risk Expensive Pack Systems Drive Range On average, current EV Liquid electrolyte used in Complex battery packs Lithium-ion battery technology does not batteries are estimated to traditional li
Slide 15: The All-Solid-State Value Proposition
The All-Solid-State Value Proposition Step function improvements over lithium-ion projected in essential areas Significant Improvements From All-Solid-State Chemistry Solid Power Expects to Deliver Significant Savings Key improvements over lithium-ion 1 2 Vehicle Range Calendar Life 15-35% Tradition
Slide 16: All-Solid-State vs. Lithium-Ion vs. Hybrid Solutions
All-Solid-State vs. Lithium-Ion vs. Hybrid Solutions All-Solid-State expected to deliver significant benefits over current and other emerging solutions Traditional 1 2 Lithium-Ion Hybrid (Liquid + Solid) All-Solid-State High Energy X Superior Safety X X Long Calendar Life X ? Low Cost ? ? All-Solid-
Slide 17: This is Solid Power
This is Solid Power The Solid Power Value Proposition Click Anywhere to Play 17This is Solid Power The Solid Power Value Proposition Click Anywhere to Play 17
Slide 18: Solid Power Cells Can Provide More Energy
Solid Power Cells Can Provide More Energy Solid Power Solid Power Silicon 1200 Lithium Metal EV Cell EV Cell Performance Improvement 1000 800 600 Solid Power Conversion NCA90 Reaction EV Cell NMC (811) NMC (811) Ultra-Low Cost 400 Li-Ion 200 0 0 100 200 300 400 500 600 WH / Kg Lighter Weight Source:
Slide 19: Solid Power Cells Have Shown Superior Safety
Solid Power Cells Have Shown Superior Safety 1 Solid Power 2Ah High-Content Silicon Commercial 18650 NMC cell C L I C K H E R E T O V I E W V I D E O 2 Nail Penetration – Failed Test Description Result Test Description Result § Passed Nail Penetration Cells at 100% state-of-charge (SOC) External Sho
Slide 20: All-Solid-State Enables Further Cost Savings at the Pack-Level
All-Solid-State Enables Further Cost Savings at the Pack-Level 1 Virtual Teardown of a Notional EV Battery Pack EV Battery Pack Cost Proportions Aluminum Crash Battery Housing Cover 17% Structure Junction Box (aluminum sheet) Housing Tray 6% 3% Battery Frame 5% Thermal Management 60% System 9% No co
Slide 21: Solid Power All-Solid-State Battery Technology is Scalable
Solid Power All-Solid-State Battery Technology is Scalable Proven manufacturing process Use of standard lithium-ion equipment de-risks and allows for smooth tech transfer 21Solid Power All-Solid-State Battery Technology is Scalable Proven manufacturing process Use of standard lithium-ion equipment d
Slide 22: Path to Leadership in Electrolyte Supply and Cell Design
Path to Leadership in Electrolyte Supply and All-Solid-Sate Cell Design Unique model creates dual path to initial commercialization § Electrolyte produced to feed pilot cell line§ Internal production of prototype cells Today § Electrolyte production scaled to feed 100 Ah cell line§ Internal producti
Slide 23: Electrolyte Production is Capital-Light
Electrolyte Production is Capital-Light Transferring cell production to commercial partners allows Solid Power to focus on core strengths and lower capex needs 4 Capex per GWh of Production Capacity Cell Production Capacity By Manufacturer Fully Commissioned Under Construction Announced 800 2 $88.4
Slide 24: The Industry Leaders are Pursuing a Sulfide-Based Solution
The Industry Leaders are Pursuing a Sulfide-Based Solution Commentary Oxide Sulfide Polymer Oxid Oxid e e Sulfide Polymer § Small temperature performance §§ Conductivity an order of Highest ionic conductivity; Conductivity range requiring additional magnitude lower than sulfide comparable to liquid
Slide 25: H2S Testing Demonstration
H S Testing Demonstration 2 Click Anywhere to Play 25H S Testing Demonstration 2 Click Anywhere to Play 25
Slide 26: Validation from Automotive OEM Partners
Validation from Automotive OEM Partners Automotive OEMs recognize the importance of All-Solid-State to the future of EVs and Solid Power’s leadership Partnership History Partnership History § Relationship dating back to 2016 conducting all-solid-§ Ford participated in Solid Power’s Series A funding
Slide 27: Meet Hau Thai-Tang from Ford Motor Company
Meet Hau Thai-Tang from Ford Motor Company Chief Product Platform and Operations Officer Click Anywhere to Play 27Meet Hau Thai-Tang from Ford Motor Company Chief Product Platform and Operations Officer Click Anywhere to Play 27
Slide 28: Meet Frank Weber from the BMW Group
Meet Frank Weber from the BMW Group Member of the Board of Management of BMW AG Click Anywhere to Play 28Meet Frank Weber from the BMW Group Member of the Board of Management of BMW AG Click Anywhere to Play 28
Slide 29: Q&A
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Slide 30: Products and Technology
Products and Technology Josh Buettner-Garrett, CTO of Solid Power 30Products and Technology Josh Buettner-Garrett, CTO of Solid Power 30
Slide 31: Two Product Groups
Two Product Groups Sulfide Solid Electrolytes Energy Dense Pouch Cells § Proprietary sulfide-based solid § Proprietary design and production electrolytes tuned for high of industry leading all-solid-state cells conductivity and lithium metal stability § Intend to utilize top tier cell § Best all-aro
Slide 32: The Most Advanced Known Solid Electrolytes
The Most Advanced Known Solid Electrolytes Only Solid Power develops and produces at pilot scale and tests in large format cells on a scalable production line Conductivity § Compatible with lithium-ion roll-to-roll manufacturing allowing for separator layers to be produced in the same manner as any
Slide 33: One Flexible All-Solid-State Platform
One Flexible All-Solid-State Platform Solid Power’s solid electrolyte can accommodate existing and prospective cathode and anode materials Flexible platform allows use of alternative anode + cathode materials to suit specific performance requirements Core Technology: Solid Electrolyte Unique variant
Slide 34: Solid Power Product Roadmap
Solid Power Product Roadmap Sustaining a product roadmap with continuous performance improvements across three unique chemistries 390 Wh / kg, 930 Wh / L 1 1,000+ cycle life 440 Wh / kg, 930 Wh / L 1 <15 min charge (10 → 90%) 1 1,000+ cycle life 1 Silicon EV Cell <20 min charge (10 → 90%) Anode Curr
Slide 35: High-Content Silicon EV Cell Data
High-Content Silicon EV Cell Data Key Highlights 1,000 cycles at 45°C Cells can surpass Cell Coin pouch commercial cycle life 120 Separator Thickness 25 micron targets Anode 50% silicon • 82% capacity retention Cathode NMC through 1,000+ cycles at Charge/ 110 C/5 (Four initial C/20 capacity check cy
Slide 36: High-Content Silicon EV Cell Data (cont'd)
High-Content Silicon EV Cell Data (cont’d) Key Highlights High Specific Energy with 750 cycles Cells can pack more Cell Coin pouch energy than commercial 120 Separator Thickness 25 micron lithium-ion Anode 50% silicon • ~350 Wh/kg stack Cathode NMC 1 level specific energy Charge/ 110 C/5 (Three init
Slide 37: High-Content Silicon EV Cell Data (cont'd)
High-Content Silicon EV Cell Data (cont’d) Key Highlights 1,000 cycles at Room temperature Cells can surpass Cell Coin pouch commercial cycle life 120 Separator Thickness 30 micron targets at room Anode 50% silicon temperature Cathode NMC • 82% capacity retention Charge/ 110 C/5 (3 initial C/20 capa
Slide 38: High-Content Silicon EV Cell Data (cont'd)
High-Content Silicon EV Cell Data (cont’d) Key Highlights Cycle life performance improvement at 29°C New anode composition Cell Coin pouch shows improved cycle life 120 Separator Thickness 25 micron at near room temperature Anode 50% silicon • 95% capacity retention Cathode NMC through 450 cycles at
Slide 39: High-Content Silicon EV Cell Data (cont'd)
High-Content Silicon EV Cell Data (cont’d) Key Highlights 29°C fast charge High-content silicon EV Cell Coin pouch cells charge quickly 150 Separator Thickness 30 micron • 2C charge every 5th cycle Anode 50% silicon 140 Cathode NMC Cells in fast charge Charge/ Two cycles at C/20, 0%-100% SOC. C/5 ra
Slide 40: High-Content Silicon EV Cell Data (cont'd)
High-Content Silicon EV Cell Data (cont’d) Key Highlights Low Temperature Operations of Silicon Anode Cells Cells can perform in broad temperature range, o 30 C 30 25 20 15 10 5 0 (5) (10) including below freezing • Stable charge and discharge demonstrated Cell Coin pouch o down to -10 C o Separator
Slide 41: 0.2+ Ah Pouch cell data
0.2+ Ah Pouch cell data Key Highlights Production line built cells – Process iteration 1 Cells produced entirely on Process Iteration 1 Solid Power's roll-to-roll 120 Cell 270 mAh Pouch cell pilot production line show Separator Thickness 30 micron promising early Anode 50% silicon performance NMC Ca
Slide 42: 0.2+ Ah Pouch cell data (cont'd)
0.2+ Ah Pouch cell data (cont’d) Key Highlights Production line built cells – Process iteration 2 Early roll-to-roll pilot Process Iteration 2 production process 120 Cell 265 mAh Pouch cell iterations improving cell Separator Thickness 30 micron performance Anode 50% silicon • Pouch cells (5 NMC Cat
Slide 43: High-Content Silicon EV Cell Data Recap
High-Content Silicon EV Cell Data Recap Performance data demonstrates ability to meet key automotive requirements 1 2 3 4 5 Cells produced Cells can pack more Cells can surpass Cells can perform High-content silicon entirely on roll-to- energy than commercial cycle life in broad temperature EV cells
Slide 44: Silicon EV Cell Development Roadmap
Silicon EV Cell Development Roadmap Improvements in cell-level energy achieved through well-defined cell design optimization plan A-Sample Target B-Sample Target Prototype 1 320 Wh / kg, 740 Wh / L 340 Wh / kg, 770 Wh / L 390 Wh / kg, 930 Wh / L Anode Current Collector Pouch Energy Density Pouch Ene
Slide 45: Lithium Metal EV Cell Development Roadmap
Lithium Metal EV Cell Development Roadmap Improvements in cell-level energy achieved through well-defined cell design optimization plan 1 A-Sample Target B-Sample Target Prototype 320 Wh / kg, 550 Wh / L 360 Wh / kg, 760 Wh / L 440 Wh / kg, 930 Wh / L Anode Current Pouch Energy Density Pouch Energy
Slide 46: Meet Solid Power's R&D Team
Meet Solid Power’s R&D Team Key Players Developing Solid Power’s Technology Click Anywhere to Play | 46Meet Solid Power’s R&D Team Key Players Developing Solid Power’s Technology Click Anywhere to Play | 46
Slide 47: The Future of Cathode Technology Enabled by All-Solid-State
The Future of Cathode Technology Enabled by All-Solid-State Low-cost, high-energy cathodes of tomorrow are unique to all-solid technology § Current NMC cathode active materials account for ~58% of the total cell bill of materials due to cost of nickel and cobalt § Future pyrite cathode technology in
Slide 48: Q&A
? … Q&A 48? … Q&A 48
Slide 49: Path to Market
Path to Market Derek Johnson, COO at Solid Power 49Path to Market Derek Johnson, COO at Solid Power 49
Slide 50: Uniquely Positioned for Rapid Development and Scaleup
Uniquely Positioned for Rapid Development and Scaleup Solid Power is focused across the core value chain Key Sulfide-Based All-Solid-State Developers Electrolyte Precursor Production Electrolyte Development Electrolyte Production Cell Development Prototype Cell Production Constant technology develop
Slide 51: Nearly Identical Production Process to Lithium-Ion
Nearly Identical Production Process to Lithium-Ion Solid Power is positioned to bring superior cells to market at scale through compatibility with lithium-ion processes Solid Power utilizes industry standard lithium- ion production processes and equipment Slurry Slot Die Drying Electrode Calendaring
Slide 52: Solid Power Manufacturing Process Savings
Solid Power Manufacturing Process Savings Eliminating formation cycling is crucial to the ASSB process Removal Eliminates ~29% of of 80% of capex in a typical GWh-scale < = Conditioning Li-Ion production plant steps Final storage Pre-formation Aging Degassing Formation Final storage Receiving and sh
Slide 53: Solid Power's Manufacturing Process
Solid Power’s Manufacturing Process All-Solid-State Battery Production Click Anywhere to Play | 53
Slide 54: Defined Path to Lithium-Ion Cost Parity at Cell Level
Defined Path to Lithium-Ion Cost Parity at Cell Level Solid Power’s All-Solid-State batteries cells - costs vs. time 100% 90% § 6.5 MWh / yr A prototype pilot line 80% § Greatest cost improvements are expected to come via supply chain § Auto A and B Sample 70% phases development, purchasing scale, a
Slide 55: Solid Power Battery Ecosystem
Solid Power Battery Ecosystem Partnering Across the Supply Chain Innovating Where it Matters Leveraging Our Core Competencies Material Suppliers and Producers 1 S o u r c i n g a n d P r o d u c t i o n § Solid Power Electrolyte o f C e l l C o m p o n e n t M a t e r i a l s Solid Power Catholyte/
Slide 56: Meet Solid Power's Alex Gold, VP of Operations
Meet Solid Power’s Alex Gold, VP of Operations Learn About Solid Power’s Partners and Supply Chain Click Anywhere to Play 56Meet Solid Power’s Alex Gold, VP of Operations Learn About Solid Power’s Partners and Supply Chain Click Anywhere to Play 56
Slide 57: A-D Sample Definitions
A-D Sample Definitions Category Description Use Solid Power Cell Format Proof of concepts or functions to ensure basic requirements Pre-A Sample Proof of concept 0.2 Ah, 2 Ah and 20 Ah prototypes as a product or process Cell Concept Validation (CV) based Probe multiple designs and material combinati
Slide 58: Pathway to Vehicle Start-of-Production
Pathway to Vehicle Start-of-Production (“SOP”) Sulfide-based solid electrolyte, Silicon EV Cell and Lithium Metal EV Cell development timelines Commercialization Partner Pre A-Sample A-Sample B-Sample C-Sample D-Sample 2020 2021 2022 2023 2024 2025 2026 2027 Product Sulfide-Based Solid Electrolyte R
Slide 59: Expanding Footprint is an Inflection Point Towards Commercialization
Expanding Footprint is an Inflection Point Towards Commercialization Second production facility announced in September 2021 Thornton, CO facility quadruples total manufacturing footprint Greatly expands Solid Power’s capacity to produce sulfide-based solid electrolyte material for 100 Ah cells in pr
Slide 60: Solid Power's Manufacturing Team
Solid Power’s Manufacturing Team Learn About Solid Power’s Production Scale-Up Click Anywhere to Play 60Solid Power’s Manufacturing Team Learn About Solid Power’s Production Scale-Up Click Anywhere to Play 60
Slide 61: Path to Market – Upcoming Milestones
Path to Market – Upcoming Milestones 1 2 20 Ah Silicon EV Cells produced via MWh production ü 2 Ah Silicon EV Cells produced via MWh production line 2021 line 3 4 5 6 2 Ah Silicon EV 20 Ah Silicon EV 100 Ah EV cell Electrolyte Cells delivered Cells delivered pilot manufacturing produced at to auto p
Slide 62: Q&A
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Slide 63: Financials and Valuation
Financials and Valuation Doug Campbell and Robert Tichio 63Financials and Valuation Doug Campbell and Robert Tichio 63
Slide 64: Pro Forma Equity Ownership
Pro Forma Equity Ownership US$ in millions, unless otherwise stated Sources and Uses Capitalization SOURCES USES SHARE PRICE $10.00 1 4 DCRC Cash In Trust $350 Rollover Equity $1,240 Pro Forma Shares Outstanding 184.3 1 PIPE Proceeds 165 Cash to Balance Sheet 595 Equity Value $1,843 Rollover Equity
Slide 65: Summary Projected Financials
Summary Projected Financials US$ in millions, unless otherwise stated 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E ~800k vehicles annually (assumes 100kWh pack) VOLUMES § ~10% market share of BMW and 3RD PARTY MANUFACTURING (GWH) 0.1 0.4 6 50 80 Ford’s 7.8mm vehicle sales ELECTROLYTE MATERIAL (TO
Slide 66: Compelling Investment Story
Compelling Investment Story Foundational Strength Industry-Leading Innovation Significant First-Mover Advantage Superior Performance Only All-Solid-State Investment Opportunity Addresses Key Challenges Presented by Traditional Lithium-Ion Batteries Long-Standing OEM Partnerships Meaningful Safety Im
Slide 67: Q&A
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Slide 68: Thank You
Thank You 68
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