Ford, BMW Invest $130 Million in Battery Start-Up Solid Power
Ford has revealed plans to further boost its EV ambitions, by increasing its investment in EV battery start-up Solid Power.
On Monday, Ford, which previously invested in Solid Power in 2019, announced it led a $130 million Series B investment round in the battery start-up, alongside BMW and venture capital business Volta Energy. According to the agreement, Solid Power will deliver EV battery cells to Ford and BMW for further testing and integration into their vehicles, with the plan commencing as early as next year. The latest investment round will allow Solid Power to further broaden its manufacturing capacities and positions, said the company’s CEO, Doug Campbell.
According to Ford, the auto industry is on the cusp of entering a transitionary period that will see a move from lithium-ion batteries to sold state batteries within the next decade. “We think it’s realistic that by the end of this decade, there’s a good chance that this is something we can go into production with,” Ford’s chief product platform and operations officer Hau Thai-Tang said in an interview with CNBC.
The latest news follow yet another EV-related announcement made by Ford, which several weeks ago said it plans to invest $185 billion towards a new battery lab in Detroit. The battery lab is a major step for the US automaker, as it will develop new technologies that would one day allow the company to manufacture its own battery cells and batteries.
Information for this briefing was found via Ford. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
