Belgian battery supplier Umicore reveals Solid Power stake

LOUISVILLE — Umicore SA, a Belgian battery-materials supplier, has revealed that it holds a stake in Louisville-based Solid Power Inc., which announced last week that it would go public via a special-purpose acquisition company.

Umicore did not reveal the size of its stake in Solid Power, a developer of solid-state batteries, but said its investment was built through Series A and Series B rounds that Solid Power raised before announcing that it would trade on the Nasdaq exchange post-merger.

Solid Power announced last week that it would go public by merging with Decarbonization Plus Acquisition Corp. III (Nasdaq: DCRC), a deal that values the company at $1.2 billion. 

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Solid Power was founded in 2012 and develops next-generation all-solid-state batteries for electric vehicles. The batteries provide a 50% to 75% increase in energy density compared with commercially available lithium-ion batteries, the company said.

Several major automotive and technology manufacturers have invested in Solid Power, including Ford, BMW, Hyundai and Samsung.

“Alongside its own research programs, Umicore promotes open innovation and supports the development of promising technologies by start-up companies such as Solid Power,” Umicore said in announcing its investment in Solid Power.

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