Solid Power Announces Installation of EV Cell Pilot Line

Jun 6th, 2022 8:00 EST
  • Automated pilot production line designed to produce EV-scale sulfide-based all-solid-state battery cells now installed
  • Expect to deliver Silicon EV cells to automotive partners by year end to commence qualification testing
  • Pilot production line purpose-designed to mimic established lithium-ion manufacturing to reduce commercial risk

LOUISVILLE, Colo., June 06, 2022 (GLOBE NEWSWIRE) — Solid Power, Inc. (“Solid Power”) (Nasdaq: SLDP), an industry-leading developer of all-solid-state battery cells for electric vehicles, today announced that it has completed installation of its pilot production line – dubbed the “EV cell pilot line” – which is designed to produce EV-scale solid-state cells. Solid Power intends to produce Silicon EV Cells for internal testing before delivering cells to its automotive partners BMW and Ford to kick off automotive qualification testing, which is planned for the end of the year.

“Solid Power is encouraged by taking this next step on its automotive qualification roadmap,” said Doug Campbell, Chief Executive Officer of Solid Power. “The installation of this EV cell pilot line will allow us to produce EV-scale cells suitable for initiating the formal automotive qualification process. Over the coming quarters, we will work to bring the EV cell pilot line up to its full operational capability and look forward to delivering EV-scale all-solid-state cells to our partners later this year.”

Solid Power’s EV cell pilot line is designed to produce large-format sulfide-based cells in a manner that mimics existing traditional lithium-ion production processes. When running at full capacity, Solid Power’s EV cell pilot line is expected to be capable of producing 300 cells per week, or approximately 15,000 cells per year, with the majority of those being planned for automotive qualification testing.

Solid Power’s Silicon EV Cells are designed to power longer-range, lower-cost and safer electric vehicles. By using over 50% active silicon in the anode, Solid Power has designed the cell for increased energy density, which is expected to correlate to longer driving ranges to address range anxiety – a key barrier to mass EV adoption.

“With the EV cell pilot line now installed, our next big challenge is commencing production at scale and building cells that meet the requirements necessary for us to enter into automotive qualification later this year,” said Derek Johnson, Chief Operating Officer at Solid Power.

Solid Power expects to be able to optimize its Silicon EV Cells for capacities ranging from 60 to 100 Ah. The company expects this flexibility to allow Solid Power to meet its automotive partners’ specifications, while allowing for additional partners with distinct design specifications.

Forward Looking StatementsAll statements other than statements of present or historical fact contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, objectives, beliefs, intentions or strategies regarding the future. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “plan,” “outlook,” “seek,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include our strategy, expansion plans, market opportunity, future operations, plans and objectives of management.  These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Readers are cautioned not to put undue reliance on forward-looking statements and Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power, including the following factors: (i) risks relating to the uncertainty of the success of our research and development efforts, including our ability to achieve the technological objectives or results that our partners require, and to do so in advance of the development of competing technologies; (ii) risks relating to the non-exclusive nature of our original equipment manufacturers and joint development agreement relationships; (iii) our ability to negotiate and execute supply agreements with our partners on commercially reasonable terms; (iv) our ability to protect our intellectual property, including in jurisdictions outside of the United States; (v) broad market adoption of electric vehicles and other technologies where we are able to deploy our all-solid-state batteries, if developed successfully; (vi) our success in retaining or recruiting, or changes required in, our officers, key employees, including technicians and engineers, or directors; (vii) changes in applicable laws or regulations; (viii) risks related to technology systems and security breaches; (ix) the possibility that COVID-19 or a future pandemic may adversely affect our results of operations, financial position and cash flows; (x) the possibility that we may be adversely affected by other economic, business or competitive factors, including supply chain interruptions, and may not be able to manage other risks and uncertainties; (xi) risks relating to our status as an early stage company with a history of financial losses, and an expectation to incur significant expenses and continuing losses for the foreseeable future; (xii) rollout of our business plan and the timing of expected business milestones; (xiii) the termination or reduction of government clean energy and electric vehicle incentives; (xiv) delays in the construction and operation of production facilities; and (xv) changes in domestic and foreign business, market, financial, political and legal conditions. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the “Risk Factors” section of Solid Power’s Annual Report on Form 10-K for the year ended December 31, 2021 and other documents filed by Solid Power from time to time with the SEC, all of which are available on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Solid Power gives no assurance that it will achieve its expectations.

About Solid PowerSolid Power is an industry-leading developer of all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. As a result, Solid Power’s all-solid-state battery cells are expected to be safer and more stable across a broad temperature range, provide an increase in energy density compared to the best available rechargeable battery cells, enable less expensive, more energy-dense battery pack designs and be compatible with traditional lithium-ion manufacturing processes. For more information, visit http://www.solidpowerbattery.com/.

Solid Power Contact Information

For Investors:Kevin PaprzyckiChief Financial Officer1 (800) 799-7380[email protected]

For Media:Will McKennaMarketing Communications Director(720) 598-2877[email protected]

Website: www.solidpowerbattery.comTwitter: https://twitter.com/SolidPowerIncLinkedIn: https://www.linkedin.com/company/solid-power

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1a091e8d-bb7e-427e-b7e1-9248e402f22f

https://www.globenewswire.com/NewsRoom/AttachmentNg/43511eb5-e9b7-420a-96e6-b676a6201828

 

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