Solid Power goes public as 99% of shareholders approve SPAC merger

LOUISVILLE — Starting today, Louisville-based developer of all-solid-state batteries for electric vehicles Solid Power Inc. will be publicly traded on the Nasdaq exchange under ticker symbol SLDP. 

The go-public move occurs as a result of a merger with special purpose acquisition company Decarbonization Plus Acquisition Corp. III. Ninety-nine percent of shareholders approved the deal this week. 

“Solid Power has spent the past 10 years developing all-solid-state battery technology that is designed to deliver the increased performance demanded by both automakers and consumers. We are excited to have completed our business combination with DCRC, and we are looking forward to our future as the only pure-play solid-state company trading on the public markets,” Solid Power CEO Doug Campbell said in a prepared statement. “Solid Power’s focus continues to be on the commercialization of our next-generation all-solid-state battery cells for automotive applications. We plan to use the proceeds from this transaction to fund our capital-light business model through vehicle integration, which we expect to occur in 2026.” 

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As a result of the merger, Solid Power got a capitalization boost to the tune of $542.9 million. 

“We believe the future of electric mobility will be fueled by all-solid-state batteries,” Robert Tichio, DCRC chairman prior to the business combination and Solid Power board member, said in a statement. “As a company that isn’t just advancing concepts, but rather advancing commercialization, we look forward to the company’s continued success as it works to deliver shareholder value through the advancement of all-solid-state battery commercialization in future electric vehicles.”

The SPAC merger valued Solid Power at about $1.2 billion, qualifying the company for unicorn status.

SPACs are shell companies that are listed on public exchanges and are later acquired by companies looking to go public outside of the normal procedures of an initial public offering. 

Solid State has been on a fundraising tear of late, with rounds led by automotive giants BMW Group and Ford Motor Co. (NYSE: F).

Those car makers joined with venture capital group Volta Energy Technologies LLC in a $130 million Series B investment in Solid Power last month. 

Both Ford and BMW have supported Solid Power in the past, with Ford investing in the company in 2019 and BMW in 2017.

Solid Power said this year that it plans to provide Ford and BMW with full-scale 100-ampere-hour cells for automotive qualification testing and vehicle integration beginning in 2022.

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