SK Innovation Teams Up With Solid Power to Make Solid-State EV Batteries
By Fabiana Negrin Ochoa
South Korea's SK Innovation Co. has formed a partnership with
Solid Power Inc., a battery maker backed by BMW Group and Ford
Motor Co., under which it plans to invest $30.0 million in the U.S.
company and jointly produce all-solid-state rechargeable batteries
for electric vehicles.
The companies announced the deal Thursday, signing a memorandum
of understanding and joint development agreement for SK Innovation
to produce automotive-scale, all-solid-state battery cells using
Solid Power's technology.
Solid Power will license its technology to SK Innovation--an
oil-and-chemical company that forms part of the sprawling SK Group
conglomerate--to integrate it into its existing cell
"The partnership with SK Innovation is designed to validate that
Solid Power's all-solid-state production processes are scalable and
compatible with existing lithium-ion production technology," Solid
Power Chief Executive Doug Campbell said.
The two companies will also work on developing Solid Power's
all-solid-state technology further.
Solid-state batteries, which replace liquid electrolytes with a
solid, could be transformative for the EV industry if they prove to
be more stable and safer than traditional lithium batteries.
However they have yet to be mass produced for automotive use due to
costs and other considerations. Major companies like Toyota Motor
Corp. and Hyundai Motor Co., among others, are working on the
Both BMW and Ford, which in May led a $130 million Series B
investment round in Solid Power, have said they plan to use the
company's battery technology in future EVs. The two car makers also
have joint development agreements with Solid Power.
According to Thursday's statement, SK Innovation will make its
$30.0 million investment via a subscription to buy shares in a
previously announced private-investment-in-public-equity deal of
Decarbonization Plus Acquisition Corporation III, a blank-check
company Solid Power is merging with. The merger is expected to be
completed in the fourth quarter.
Write to Fabiana Negrin Ochoa at email@example.com
(END) Dow Jones Newswires
October 28, 2021 05:46 ET (09:46 GMT)
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