Solid Power is shipping A-samples of its solid state battery cell to BMW for qualification.
The Solid Power solid state silicon battery cells will be used for the BMW demonstration car programme for a higher energy battery pack to provide longer range and lighter weight designs.
The company is also ramping up production of its SP2 sulfide electrolyte for EV cells and has phased out SP1 production.
“It is a reflection of our team’s strong execution that we produced and delivered our first A Sample EV cells for BMW a little over a week ago, marking a major milestone for Solid Power,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “We are continuing to improve key cell performance metrics, including energy density, pressure, cycle life, low temperature operations, and safety.”
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“We are very excited to make these deliveries, begin the formal automotive qualification process, and continue on our path towards commercialization. These A-1 EV cells will also support BMW’s demo car program, which we expect will also be a major proof point for our technology.”
“On the electrolyte side, we are producing electrolyte at SP2 in greater volumes and have phased out our SP1 powder production. This puts us solidly on track to continue to increase production and demonstrate our ability to manufacture at scale for potential partners,” Van Scoter said.
“As we look ahead, we believe we are well-positioned to achieve our key objectives and drive strategic growth,” said Van Scoter. “We are operating with competitive urgency as we seek to further our leadership position in the market and deliver long-term value for our partners, employees, and shareholders.”
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The company has $422m in the bank having scaled back development of the solid state silicon battery cell last year to maintain its cash burn of around $70m and capital expenditure of around $50m. 2023 revenue is still expected to be in the range of $15 million to $20 million.
However operating expenses were higher in the third quarter and first nine months of 2023 compared with the same periods in 2022 from the accelerated investments in product development and the scaling of operations.