Solid Power

Overview

Solid Power Inc. is a pioneering company in the development of all-solid-state battery technology, aiming to revolutionize energy storage and enable advanced e-mobility. Founded in 2011 by Doug Campbell, Conrad Stoldt, and Sehee Lee, the company originated from the University of Colorado Boulder with initial funding from DARPA and ARPA-E.

Technology

Solid Power's core focus is on developing all-solid-state battery cells that use a proprietary sulfide-based solid electrolyte instead of the liquid electrolyte found in conventional lithium-ion batteries. This technology offers several advantages:

• Higher energy density
• Improved safety
• Broader operating temperature range
• Ultra-low cost and high specific energy
• Elimination of reactive and volatile liquid components
• Compatibility with higher-capacity electrodes like high-content silicon and lithium metal

Key Advantages

1. Energy Efficiency: Longer ranges per charge and reduced battery pack volume and mass.
2. Safety: Enhanced safety due to the solid-state design.
3. Cost Efficiency: Expected 15-35% cost advantage over existing lithium-ion batteries at the pack level.
4. Manufacturing Compatibility: Cell manufacturing processes are compatible with existing lithium-ion battery production infrastructure, facilitating scalable production.

Partnerships and Collaborations

Solid Power has formed strategic partnerships with major automotive manufacturers, including BMW and Ford, to jointly develop all-solid-state batteries. They also collaborate with SK Innovation to produce automotive-scale all-solid-state battery cells. The company is backed by prominent investors such as Hyundai, Volta Energy Technologies, Umicore, Sanoh, A123 Systems, and Solvay.

Business Model and Market Focus

The company's business model centers on the development and commercialization of all-solid-state battery technologies, targeting:

• Electric vehicle market
• Consumer electronics
• Energy storage systems Solid Power aims to scale production through partnerships with established manufacturers and by building pilot production facilities.

Future Outlook

With its commitment to advanced solid-state batteries, Solid Power is well-positioned to significantly impact the electric vehicle market. The growing demand for sustainable energy solutions and strategic partnerships within the automotive industry drive a promising future outlook for the company.

Leadership Team

Solid Power's leadership team comprises experienced professionals guiding the company's strategic vision and operational execution in developing solid-state rechargeable batteries. Key members include:

John Van Scoter

• Position: Chief Executive Officer, President, and Class I Director
• Appointment: Effective June 14, 2023
• Background: Previously Vice President, General Manager Products at SRI International; CEO, President, and Chairman of eSolar, Inc.; held multiple leadership positions at Texas Instruments
• Education: B.S. in Mechanical Engineering, University of Vermont

Linda Heller

• Position: Chief Financial Officer and Treasurer

Joshua Buettner-Garrett

• Position: Chief Technology Officer
• Tenure: Since November 2013
• Background: Former Program Manager and Senior Research Scientist at ADA Technologies, Inc.
• Education: B.S. in Mechanical Engineering, Arizona State University; M.S. in Mechanical Engineering, Colorado State University

Derek Johnson

• Position: Chief Operating Officer
• Tenure: Since January 2020
• Background: Former Vice President of Global Research and Development at A123 Systems
• Education: B.S. in Environmental Engineering, University of Florida; M.S. in Chemical Engineering and Ph.D. in Chemical and Biochemical Engineering, Colorado State University
• Additional Roles: Director of Symbios Technologies, LLC; President of Fields of Hope (non-profit)

James Liebscher

• Position: Chief Legal Officer and Secretary
• Tenure: Since December 2021 (previously Lead Corporate Attorney from June 2021 to December 2021)
• Background: Former senior attorney at Aspect Holdings, LLC; private practice at Polsinelli PC and Dufford & Brown, P.C.
• Education: LL.M. in Securities and Financial Regulation, Georgetown University Law Center; J.D., University of Notre Dame Law School; B.S. in Business Administration, Bellevue University
• Military Service: United States Air Force, airborne cryptologic linguist This diverse team brings expertise in operations, technology, finance, legal, and human resources, ensuring cross-functional collaboration and driving innovation in the electric vehicle and mobile power markets.

History

Solid Power, a leading developer of all-solid-state battery technology, has a rich history marked by significant milestones and innovations:

Founding and Early Years

• Founded in 2012 by researchers and engineers from the University of Colorado Boulder
• Aimed to commercialize research on solid-state battery technology
• Initially focused on developing high-performance solid-state electrolytes

Key Developments

1. 2013: University of Colorado Boulder researchers announced the development of a solid-state lithium battery with a solid iron–sulfur composite cathode, promising higher energy density
2. 2018: Received $20 million in funding from Samsung and Hyundai to establish a manufacturing line for all-solid-state, rechargeable lithium-metal battery prototypes
3. 2021: Announced a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation III, leading to public listing on NASDAQ
4. 2022: Raised a total of $540 million in funding, including a $135 million Series B investment round led by BMW Group, Ford Motor Company, and Volta Energy Technologies

Strategic Partnerships

Solid Power has formed partnerships with leading automotive companies, including:

• Ford
• BMW
• Hyundai
• Samsung These collaborations have been crucial for developing and commercializing solid-state battery technology.

Achievements and Recognitions

• Developed solid-state rechargeable batteries with higher energy density, improved safety, and faster charging capabilities
• Built a strong portfolio of patents and intellectual property related to solid-state battery technology
• Positioned as a leader in the energy storage industry

Ongoing Focus

Solid Power continues to:

• Innovate and expand partnerships
• Scale up production capabilities
• Invest in research and development
• Work towards revolutionizing the energy storage industry The company's history reflects its commitment to advancing energy storage technology through continuous innovation, strategic partnerships, and significant investments in R&D.

Products & Solutions

Solid Power Inc. is a leading developer of all-solid-state rechargeable battery technology, primarily targeting the electric vehicle (EV) market. Their innovative products and solutions offer several key advantages over traditional lithium-ion batteries:

Technology Overview

Solid Power's technology replaces the flammable liquid electrolyte in traditional lithium-ion batteries with a proprietary sulfide solid electrolyte. This solid-state approach, initially developed at the University of Colorado at Boulder, has been refined to offer significant improvements in safety, energy density, and cost-effectiveness.

Key Benefits

1. Enhanced Safety: By eliminating liquid electrolytes, Solid Power's batteries mitigate risks associated with leaks and thermal runaway, making them a safer alternative for consumers and manufacturers.
2. Increased Energy Density: These batteries have the potential to double or triple the energy density of traditional lithium-ion batteries, significantly extending EV driving ranges or enabling the use of lighter batteries for the same range.
3. Cost Advantages: The simplified manufacturing process can lead to lower production costs, with Solid Power anticipating a 15-35% cost advantage over existing lithium-ion batteries at the pack level.
4. Improved Performance: Solid-state batteries demonstrate excellent performance in extreme temperatures, high charge rates, and lower temperature capabilities.

Manufacturing and Scaling

Solid Power is actively scaling up its production capacity:

• Current electrolyte production: 30 metric tons per year in Colorado facilities
• Planned expansion: 140 metric tons per year (supported by a U.S. Department of Energy grant)
• Long-term goal: Tens of thousands of metric tons annually to meet EV market demand The company leverages industry-standard, commercially mature lithium-ion manufacturing processes to produce its all-solid-state battery cells, facilitating easier scaling and integration.

Partnerships and Collaborations

Solid Power has established strategic partnerships with industry leaders, including BMW, Ford, and SK On. These collaborations provide valuable expertise and resources to overcome the complexities of scaling up production.

Sustainability and ESG Commitments

While still in the development phase, Solid Power is committed to sustainability:

• Focus on reducing power consumption and emissions in facilities
• Plans to establish a comprehensive Environmental, Social, and Governance (ESG) program as the company moves toward full-scale production

Business Model

Solid Power's two-pronged business model includes:

1. Providing all-solid-state battery cell technology to partners
2. Selling sulfide solid electrolytes to other companies pursuing solid-state battery development This approach aims to make the technology accessible to the broader market while maximizing revenue streams. In summary, Solid Power's products and solutions center around innovative all-solid-state battery technology that offers enhanced safety, higher energy density, and lower costs, positioning the company as a promising player in the future of electric vehicles and energy storage.

Core Technology

Solid Power's core technology revolves around the development and implementation of all-solid-state batteries (ASSBs) for electric vehicles and other mobile power applications. The company's innovative approach offers several key technological advantages:

All-Solid-State Platform

• Replaces traditional flammable liquid or gel electrolyte with a proprietary sulfide-based solid electrolyte
• Solid electrolyte acts as a barrier between anode and cathode, enhancing safety and stability across a broad temperature range

Advanced Anode Materials

• Utilizes high-content silicon and lithium metal anodes
• Offers significant improvements over traditional graphite anodes:
  • Higher volumetric energy densities
  • Improved specific energy exceeding conventional lithium-ion batteries
  • Enhanced fast-charging capabilities and low-temperature operations

Cathode Flexibility

• Accommodates various cathode materials:
  • Industry-standard lithium nickel manganese cobalt oxides (NMC)
  • Low-cost, high-specific-energy conversion type cathodes
• Potential to eliminate cobalt and nickel from the cathode, reducing active material costs by up to 90%

Manufacturing and Scalability

• Cell manufacturing processes compatible with existing lithium-ion battery production lines
• Operates a pilot-scale roll-to-roll production line in Colorado
• Facilitates rapid material development and transition to large-scale production
• Designed to meet volume and cost requirements of automotive OEMs

Performance and Cost Advantages

• Safety: Removal of flammable liquids and gels enhances overall safety
• Energy Density: Up to 50-100% increase compared to best available rechargeable batteries
• Cost: Projected 15-35% cost advantage at the pack level
• Performance: High charge rates, lower temperature capabilities, improved cycling stability, and calendar life

Commercialization and Partnerships

• Collaborating with major automotive partners, including Ford and BMW
• Seeking additional commercialization and financial partners to support technology scaling Solid Power's core technology focuses on developing safer, more efficient, and cost-effective all-solid-state batteries that can significantly enhance the performance and adoption of electric vehicles. By addressing key challenges in energy density, safety, and cost, Solid Power is positioning itself as a leader in the next generation of battery technology for the automotive industry and beyond.

Industry Peers

Solid Power Inc. operates within a competitive landscape of companies developing advanced battery technologies, particularly for electric vehicles. The industry peers can be categorized into several groups:

Solid-State Battery Specialists

1. QuantumScape: A leading competitor developing solid-state batteries for electric vehicles, with significant investments and partnerships, including Volkswagen.
2. Basquevolt: Focuses on the development and production of solid-state lithium batteries for energy storage and battery technology industries.
3. Natrion: Develops battery technologies for renewable energy and electric vehicle sectors.
4. NextGen Battery Technologies: Specializes in advanced battery technology within the energy storage sector, including solid-state batteries.

Established Battery Manufacturers

1. Toyota: Investing heavily in solid-state battery technology, with plans to commercialize it for electric vehicles by the mid-2020s.
2. Samsung SDI: Actively researching solid-state batteries to integrate into their product line, leveraging their robust production capacity and strong presence in the EV market.
3. LG Chem: A major battery manufacturer investing in solid-state battery research, with a strong presence in the EV market.
4. A123 Systems: Focuses on advanced battery systems, including exploring solid-state battery technology as part of their long-term strategy.

Other Battery Technology Companies

1. Sila: A battery materials company focused on lithium-ion battery technology, offering a silicon anode material that enhances energy density.
2. Enpower Greentech: Specializes in the production of advanced batteries for the green economy.
3. Zeta Energy: Develops lithium-sulfur battery technology, focusing on the energy sector.
4. EnerDel: Develops Lithium-ion battery solutions for automotive manufacturers.
5. SES AI: Develops AI software for lithium-metal batteries and operates in the battery technology sector.

Energy and Utilities Sector

1. Blink: While primarily involved in electric vehicle charging infrastructure, Blink is also perceived as a competitor in the broader energy and utilities industry.
2. ChargePoint and EVgo: These companies, though more focused on EV charging infrastructure, are part of the larger ecosystem that intersects with Solid Power's target markets. This diverse landscape of competitors and industry peers highlights the dynamic and competitive nature of the solid-state battery and broader battery technology market. Key areas of competition include:

• Technological advancements in energy density, safety, and charging speed
• Scaling production capabilities to meet growing demand
• Securing partnerships with major automotive manufacturers
• Cost reduction to make electric vehicles more accessible
• Integration with existing manufacturing processes and infrastructure As the electric vehicle market continues to grow, competition in this sector is likely to intensify, driving further innovation and development in battery technology.