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Colorado-based manufacturer of solid-state batteries for cars and aircraft Solid Power Inc.
has raised $20 million in financing
.
According to Monday's statement, investors in the Series A round included Sanoh Industrial Co.
and Hyundai Motor Co.
, Samsung Electronics Corp and Solvay SA's venture capital arm
.
The financing comes about nine months
after Solid Power announced an agreement with BMW to develop solid-state batteries for electric vehicles.
Solid Power positions its technology as a competitor
to lithium-ion batteries that dominate the energy storage industry.
Proponents say alternative battery technologies could be safer than lithium-ion and contain more energy, key to electric vehicles, but suppliers have struggled to transition from small-scale demonstrations to high-volume production
.
Solid Power is expected to complete construction this year and will be fully operational
in 2019.
The plant will be able to produce about 10 MWh of battery capacity
per year.
Solid Power CEO Doug Campbell said it was enough for potential customers to validate the company's technology
.
Colorado-based manufacturer of solid-state batteries for cars and aircraft Solid Power Inc.
has raised $20 million in financing
.
According to Monday's statement, investors in the Series A round included Sanoh Industrial Co.
and Hyundai Motor Co.
, Samsung Electronics Corp and Solvay SA's venture capital arm
.
The financing comes about nine months
after Solid Power announced an agreement with BMW to develop solid-state batteries for electric vehicles.
Solid Power positions its technology as a competitor
to lithium-ion batteries that dominate the energy storage industry.
Proponents say alternative battery technologies could be safer than lithium-ion and contain more energy, key to electric vehicles, but suppliers have struggled to transition from small-scale demonstrations to high-volume production
.
Solid Power is expected to complete construction this year and will be fully operational
in 2019.
The plant will be able to produce about 10 MWh of battery capacity
per year.
Solid Power CEO Doug Campbell said it was enough for potential customers to validate the company's technology
.
