By Reuters - 06 May 2021
Ford and the BMW have expanded existing joint development agreements with Solid Power to secure all solid-state batteries for future electric vehicles.
Image: BMW PRESS GLOBAL
Ford Motor Co and BMW AG are leading a $130m (roughly R1,879,469,800) funding round in a solid-state battery startup, Solid Power, as car makers push to lower the cost of electric vehicles by investing in the development of affordable but powerful rechargeable batteries, the companies said on Monday.
The Series B investment round, which includes venture capital firm Volta Energy Technologies, allows Solid Power to expand in-house manufacturing capabilities and positions the battery maker to eventually supply future EVs, possibly by the end of the decade, according to BMW battery cell technology chief Peter Lamp. Solid Power declined to say at what level the funding round values the company.