Solid Power nearly doubles sales, losses as EV battery maker scales product development

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…