Battery startups are all charged up.
In fact, investors have pumped approximately $1 billion dollars into battery-making startups in the first half of 2018, double the amount invested in all of 2017. And Louisville, Colorado-based Solid Power just added itself to this statistic, raising a $20 million Series A from Hyundai CRADLE, Samsung Venture Investment Corp., Sanoh Industrial Co., Solvay Ventures, and A123 Systems.
The startup has a working prototype of an all-solid-state, rechargeable, lithium-metal battery and the company aims to displace lithium-ion as the battery of choice for high- performance, mobile-power applications.
"Solid-state batteries are a game changer for EV, electronics, defense, and medical device markets, and Solid Power's technology is poised to revolutionize the industry with a competitive product paying special attention to safety, performance, and cost," said CEO Doug Campbell in a statement.
The 6-year-old company struck a partnership with BMW in December 2017 to develop solid-state batteries for electric vehicle applications and to tailor the company's technology toward automotive requirements for high-performance electric vehicles.
Proceeds from this round will be used to scale up production via a multi-MWh roll-to-roll facility, which will be fully constructed and installed by the end of 2018 and fully operational in 2019. The company currently occupies a 21,000 square-foot facility located within the Colorado Technology Center in Louisville, CO.
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