Solid-state battery firm Solid Power to go public in SPAC merger deal

by Michael Green
Solid Power currently producing 20 ampere hour (Ah) multi-layer all solid-state batteries. Photo: BMW/Solid Power
US solid-state battery developer Solid Power said today it will go public by merging with the Decarbonization Plus Acquisition Corporation III (DCRC) – a special purpose acquisition company (SPAC) – in a deal that values the combined entity at around $1.2bn (£854m).

Solid Power, whose investors include car giants BMW and Ford and Volta Energy Technologies, has signed a definitive agreement for the business combination deal with DCRC, which is backed by an affiliate of private markets asset management firm Riverstone Holdings.

Doug Campbell, Solid Power co-founder and CEO, said: "Today marks an important milestone of commercialising Solid Power’s next generation of all-solid-state batteries that can alleviate the two largest passenger EV pain points – range anxiety and cost.”

"In addition to our existing partners, Ford and BMW, we are now excited to partner with the DCRC team that shares our vision of powering a cleaner, safer and cost-effective electric future.”

Pilot line

According to Solid Power, its solid-state batteries could provide a near 500-mile vehicle range on a single charge, "which is 50-75% greater than any commercially-available lithium-ion battery today". 

Campbell said earlier this year that Solid Power planned to start producing automotive-scale batteries on its pilot production line in early 2022.

The company is currently producing 20 ampere hour (Ah) multi-layer all solid-state batteries on its continuous roll-to-roll production line, which exclusively utilises industry standard lithium-ion production processes and equipment.

Robert Tichio, DCRC’s board chairman and Riverstone partner, said: "No other known company has made the type of commercialisation achievements in all-solid-state batteries that Solid Power has, and (its) technology is built around a manufacturing process that would be indistinguishable to lithium-ion batteries, putting this company in a league of its own.”

The merger deal is set for completion in the fourth quarter of 2021.

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BMW, Ford and Volta Energy Technologies in solid-state investment boost for Solid Power