Ford Boosts Investment in Solid Power, Aiming to Accelerate Solid-State Vehicle Battery Development for Customers
Ford Motor Company today announced it is growing its investment in Solid Power, an industry-leading producer of all-solid-state batteries for EVs.
Initially investing in Solid Power in 2019, Ford is making an additional equity investment to help accelerate further development of solid-state vehicle battery technology, contributing to a $130 million Series B investment round in which the BMW Group becomes an equal equity owner with Ford.
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“Solid-state battery technology is important to the future of electric vehicles, and that’s why we’re investing in it directly as well as accelerating Ford’s in-house R&D on next-generation battery technology,” said Hau Thai-Tang, Ford's chief product platform and operations officer. “Leveraging the speed of a startup and the expertise of some of the most seasoned battery experts in the world at Ford, we’re exploring different ways to power tomorrow’s fun-to-drive all-electric vehicles, using proven development and manufacturing processes.”
Solid-state batteries are showing great promise. They don’t use the liquid electrolyte found in conventional lithium-ion batteries, can be lighter, with greater energy density and provide more range and lower cost.
Solid Power, which uses sulfide-based solid-state battery cells, has demonstrated its ability to produce and scale next-generation all solid-state batteries that are designed to power longer range, lower cost and safer electric vehicles using existing lithium-ion battery manufacturing infrastructure.
Solid Power’s leadership in all solid-state battery development and manufacturing has been confirmed with the delivery of hundreds of production line-produced battery cells that were validated by the BMW Group and Ford late last year, formalizing Solid Power’s commercialization plans with its two long-standing automotive partners.
“By simplifying the design of solid-state versus lithium-ion batteries, we’ll be able to increase vehicle range, improve interior space and cargo volume and ultimately deliver lower costs and better value for customers,” said Ted Miller, Ford’s manager of electrification subsystems and power supply research. “We look forward to delivering these improvements and working with Solid Power to seamlessly and quickly integrate their sulfide-based all-solid-state battery cells into existing lithium-ion cell production processes more efficiently than oxide-based solid-state battery cell makers can.”