Solid Power, Inc. (the “Company” or "Solid Power"), an industry-leading developer of all-solid-state battery cells for electric vehicles, in the process of merging with Decarbonization Plus Acquisition Corporation III ("DCRC") (NASDAQ: DCRC), today unveiled safety and performance data on its high-content silicon all-solid-state cell technology, which is being developed to power future electric vehicles. The initial data shows superior specific energy and safety characteristics as compared to traditional lithium-ion. Solid Power’s small pouch cells also surpassed 1,000 cycles at room temperature with greater than 80% capacity retention – a critical metric for automotive use cases. These small pouch cells were produced using scalable processes and the Company is now working to replicate this performance data on increasingly larger capacity cells produced on the Company’s pre-pilot production line.

Solid Power’s all-solid-state battery cell technology utilizes a sulfide-based solid electrolyte to replace all flammable liquid and gel electrolytes used in conventional lithium-ion battery cells. The Company’s 2 ampere hour (Ah) high-content silicon cells demonstrated benign failures when subjected to the following abuse conditions:

  • Nail penetration – Solid Power’s fully charged cells were punctured with a conductive nail at room temperature to simulate an accidental penetration of the cell wall. The damaged cells produced no hazard, such as flames, venting or loss of material. During the tests, cell temperature elevated only slightly, with a maximum temperature of 27C recorded.
  • Overcharge – Solid Power’s fully charged cells were continuously charged above the typical voltage ceiling at a one-hour (1C) charge rate at room temperature. The cells were tested with and without compression. At 200% state-of-charge, Solid Power’s cells produced no hazard such as flame, venting or loss of material. A maximum temperature of 35C was observed when cells were under compression and 69C when cells were uncompressed.
  • External short circuit – Solid Power’s fully charged cells were caused to short circuit to simulate incorrect battery usage. Solid Power’s cells produced no hazard such as flame, venting or loss of material during the tests.

An independent, non-profit research and development organization completed all abuse tests according to standards set by the Society of Automotive Engineers. Solid Power believes these third-party results demonstrate the significant safety improvements its cell designs can have over today’s lithium-ion batteries; the most important of which is a reduction in the risk for electric vehicle fires.

“The automotive industry has seen very recent examples of lithium-ion battery safety concerns, resulting in danger to vehicle occupants and expensive electric vehicle recalls,” said Doug Campbell, CEO and co-founder of Solid Power. “Our all-solid-state cells could reduce the risk of EV fires and lead to significant battery pack cost reductions by removing the flammable liquid and gel electrolyte.”

Solid Power has also released performance data on its high-content silicon cell technology. This technology is intended to be used in Solid Power’s automotive-scale Silicon EV Cell design. The initial data showcases:

  • High energy: Solid Power has demonstrated the ability to reach a stack-level specific energy of ~350 Wh/kg while also achieving 750 cycles with 80% capacity retention.
  • Long cycle life: Solid Power achieved over 1,000 cycles at both 45C and room temperature with greater than 80% capacity retention.
  • Fast charge: Solid Power has recorded 650 cycles with a 2C-rate fast charge occurring during every fifth cycle in near room-temperature conditions.

“As Solid Power gears up to enter the automotive qualification phase, we are laser focused on optimizing cell design in order to meet or exceed all of our customer’s requirements,” said Josh Buettner-Garrett, Chief Technology Officer at Solid Power. “We are now working to replicate these initial results in larger format, production-line produced cells.”

View the full safety test results and internal performance datasets via Solid Power’s website.

As announced on June 15, 2021, Solid Power has entered into a definitive agreement for a business combination with DCRC, a publicly traded special purpose acquisition company (“SPAC”), that would result in Solid Power becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the fourth quarter of 2021.

Forward Looking Statements

The information herein includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. All statements, other than statements of present or historical fact included herein, are forward-looking statements, including statements regarding Solid Power’s future safety and performance data and its path to commercialization. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power. In addition, Solid Power cautions you that the forward-looking statements contained herein are subject to the following factors: (i) changes in applicable laws or regulations; (ii) rollout of Solid Power’s business plan and the timing of expected business milestones, (iii) the effects of competition on Solid Power’s business, (iv) supply shortages in the materials necessary for the production of Solid Power’s products, (v) risks related to original equipment manufacturers and other partners being unable or unwilling to initiate or continue business partnerships on favorable terms, (vi) the termination or reduction of government clean energy and electric vehicle incentives, (vii) delays in the construction and operation of production facilities, (viii) changes in domestic and foreign business, market, financial, political and legal conditions, and (ix) the possibility that Solid Power may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described herein, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.

About Solid PowerSolid Power is an industry-leading developer of all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. As a result, Solid Power's all-solid-state battery cells are expected to be safer and more stable across a broad temperature range, provide an increase in energy density compared to the best available rechargeable battery cells, enable less expensive, more energy-dense battery pack designs and be compatible with traditional lithium-ion manufacturing processes. For more information, visit http://www.solidpowerbattery.com/.

Contact Information

For Media: Will McKenna Marketing Communications Director (720) 598-2877 press@solidpowerbattery.com

For Investors: investors@solidpowerbattery.com

Website: www.solidpowerbattery.comTwitter: https://twitter.com/SolidPowerIncLinkedIn: https://www.linkedin.com/company/solid-power

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