Solid Power closes on $20M Series A round

LOUISVILLE — Solid Power Inc., a Louisville-based provider of high-energy solid-state batteries, closed on a $20 million Series A investment round.

The company plans to use the funds to scale-up production with a new facility, which will be operational in 2019.

Solid Power’s solid-state cells are used for multiple markets, including automotive, aerospace and defense. The company ultimately plans to replace lithium-ion as the battery of choice for high-performance, mobile applications. Solid-state batteries (ASSB) have been gaining attention for their ability to have more run-time per charge, their reliability and their safety. Solid-state batteries can be particularly ideal for vehicle electrification.

“We are at the center of the ‘electrification of everything’ with ASSB technology emerging as the clear leader in ‘post lithium-ion’ technologies,” co-founder and CEO Doug Campbell said in a prepared statement. “Solid-state batteries are a game changer for EV, electronics, defense, and medical device markets, and Solid Power’s technology is poised to revolutionize the industry with a competitive product paying special attention to safety, performance, and cost.”

Investors in the Series A include Hyundai CRADLE, Samsung Venture Investment Corp., Sanoh Industrial Co., Solvay Ventures and A123 Systems.

At the end of 2017, Solid Power announced a partnership with the BMW Group to jointly develop Solid Power’s batteries for electric vehicle applications.