LOUISVILLE — Solid Power Inc., (Nasdaq: SLDP) which makes solid-state batteries for electric vehicles, nearly doubled its year-over-year sales and its net loss in the first quarter of 2023 as it prepares to scale its production capacity. 

First quarter 2023 revenue was $3.8 million, up from $2.2 million in the same period last year.

The net loss totals for those respective quarters were $19.2 million and $10.4 million, due in part to increased expenses related to “planned investments in product development, as well as increased general and administrative expenses to support operations,” Solid Power said. 

During the first quarter of 2023 “cell development is also off to a solid start as we continue to position the company for entry into automotive qualification this year,” Solid Power interim CEO and president Dave Jansen said in a prepared statement. “Over the last couple of quarters working with our partners, we have significantly improved the manufacturability and yields on our 20 Ah cells, positioning us to scale up our EV production and development. Looking ahead, we remain on track to meet our 2023 objectives, which we believe will better position Solid Power to deliver long-term value for all stakeholders.”

Solid Power projects full-year 2023 revenues in the range of $15 million to $20 million.