Solid Power, BMW extend development agreement

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP) has extended a joint development agreement with BMW of North America LLC through September.

The agreement was signed in July 2017 and expanded in 2022, with BMW agreeing to pay Solid Power $20 million through June 30, subject to certain milestones. BMW is able to access Solid Power’s expertise in all-solid-state electrode and cell manufacturing.

Under the latest extension, known as Amendment No. 5, the companies agreed to the three-month extension, along with a revision to the payment schedule.

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“BMW Holding B.V., an affiliate of BMW, has the right to nominate a director for election to the Company’s board of directors (the “Board”) as well as the right to designate an individual to attend meetings of the Board and its committees in a non-voting, observer capacity,” according to a filing with the U.S. Securities and Exchange Commission.