The deal values Colorado-based Solid Power at $1.2bn when combined with Decarbonization Plus Acquisition Corp III (DCRC) and releases $600m for building a full manufacturing plant.
The company has produced all-solid-state cells up to 2Ah using industry standard lithium-ion equipment and processes and plans to start production of a 20 Ah high-content silicon anode cell by the end of 2021, with 100 Ah expected to follow in 2022.
The deal includes a $165m backing from private investors including Koch Strategic Platforms, Riverstone Energy, Neuberger Berman funds and Van Eck Associates. This comes in addition to the recent $135 million Series B funding Round and $350m in cash at DCRC, which is owned by Riverstone.
The company will list on the US Nasdaq exchange by the end of the year.
It says its lithium-based solid state battery technology could provide a 500 mile vehicle range on a single charge, almost twice as much as the current lithium ion cells. Solid Power’s partners Ford and BMW expect to integrate the company’s batteries in future electric vehicles.
It uses a proprietary sulfide solid electrolyte that supports both high-content silicon and lithium metal in the anode paired with industry-standard and commercially mature cathodes, including lithium nickel manganese cobalt oxides (NMC). The platform can also use low cost and high specific energy conversion type cathodes that are not suitable in lithium-ion or other liquid-based cell architectures. Combined with a lithium metal anode, the conversion type cathodes could remove cobalt and nickel from the cathode entirely and could decrease cathode active materials costs by 90 percent.
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“Today marks an important milestone of commercializing Solid Power’s next generation of all-solid-state batteries that can alleviate the two largest passenger EV pain points: range anxiety and cost. In addition to our existing partners, Ford and BMW, we are now excited to partner with the DCRC team that shares our vision of powering a cleaner, safer and cost-effective electric future,” said Doug Campbell, Co-Founder and Chief Executive Officer of Solid Power.
“Solidstate batteries have long been the elusive technology breakthrough in the battery category for the better part of a decade. Countless labs, scientists, ventures and corporates have claimed progress towards scalable solid-state batteries, with an emphasis on claims. No other known company has made the type of commercialization achievements in all-solid-state batteries that Solid Power has, and Solid Power’s technology is built around a manufacturing process that would be indistinguishable to lithium ion batteries, putting this company in a league of its own,” said Robert Tichio, Chairman of the Board of DCRC and Partner at Riverstone Holdings. “We are extremely grateful to both the Company’s existing investors – which includes a leading roster of automotive, industrial and financial investors such as Ford, BMW, Hyundai, Samsung and Volta Energy Technologies – and this management team for their partnership and look forward to bringing Solid Power to the public markets.”
“With nearly a $220 billion total addressable market, Solid Power is well-positioned for significant growth for years to come. Through the vision and leadership of Doug Campbell, they have built an incredible team, developed an all-solid-state battery technology platform that is expected to outperform lithium-ion and future next-generation battery technologies, and attracted a collection of world-class investors and partners,” he said.
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