Solid Power grows sales as first sample EV cells ship to BMW

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP), which makes solid-state batteries and sulfide-based electrolyte technology for electric vehicles, posted higher year-over-year sales in the third quarter of 2023, a period in which the company began delivering its first sample EV cells to BMW Group.

The Louisville company and the German auto giant have had a joint-development agreement in place for the past year. 

“It is a reflection of our team’s strong execution that we produced and delivered our first A Sample EV cells for BMW a little over a week ago, marking a major milestone for Solid Power,” SP CEO John Van Scoter said in a prepared statement. “We are very excited to make these deliveries, begin the formal automotive qualification process, and continue on our path toward commercialization. These A-1 EV cells will also support BMW’s demo car program, which we expect will also be a major proof point for our technology.”

Solid Power posted sales of $6.4 million in the most recent period, an increase of $3.6 million compared with the third quarter of 2022. The increase, the company said, was a “result of continued execution under the company’s joint development agreements.”

In the most-recent period, Solid Power’s net loss was $15.1 million. The company posted a net loss of $12.4 million in the third quarter of 2022.

“As expected, operating expenses were higher in the third quarter and first nine months of 2023 compared with the same periods in 2022,” the company said. ‘This increase was driven by accelerated investments in product development and the scaling of operations.”

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

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