- General
- May 5, 2021
- 5 minutes read
EVs: Ford, BMW Co-Invest In An EV Battery Startup
It’s currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken…
It’s currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al.
- Now, two of the world’s biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs.
Details:
- Solid Power has raised a $130 million Series B round co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round.
- As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and outsourcing R&D work to Solid Power for a product they want to be able to buy in the future.
- Ford and BMW expect to start receiving Solid Power’s solid-state batteries for use in developing and testing their EVs beginning next year.
Highlights:
- For those not in the know, solid-state battery technology is a type that uses solid electrodes and a solid electrolyte instead of the liquid ones used in lithium-ion batteries mostly found in present-day electric cars. If harnessed well, solid-state batteries would represent a breakthrough for EVs giving them much longer ranges than we see today.
- Although R&D in the area has bumped up as of late, solid-state batteries have not been developed up to a point of suitable mass usage in electric cars. The R&D in the area is spearheaded by research institutions as well as venture-backed startups like Solid Power.
- Other notable venture-backed companies like Solid Power in this space include the likes of Sila Nano and Sweden’s Northvolt. Another of them, QuantumScape, listed on the public markets last year and now commands a market value of over $13bn.
