Solid Power, Inc.

Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes. The company's core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte found in traditional lithium-ion battery cells. This electrolyte technology aims to improve battery cell performance, including energy density, battery life, and safety. Solid Power is currently targeting the battery electric vehicle ("EV") market, but believes its technologies can have broader applications as they mature. The commercialization strategy involves manufacturing and selling electrolyte to Tier 1 battery manufacturers and automotive original equipment manufacturers ("OEMs") that produce their own battery cells. Solid Power also plans to pursue licensing arrangements for its cell manufacturing processes and cell designs. This model allows the company to focus on electrolyte development and production, expecting significantly lower capital requirements compared to cell manufacturers. The electrolyte is a sulfide-based material made from lithium sulfide ("Li2S") and other inputs. Solid Power believes most OEMs and battery manufacturers have a technology roadmap that includes sulfide-based, solid-state cell products that can use its electrolyte. The electrolyte is made from abundant materials produced at industrial scale globally, except for the Li2S precursor material. To secure Li2S supply for commercialization, the company is sourcing from multiple global entities and developing in-house production processes. Solid Power believes sulfide-based solid electrolytes offer the best balance of conductivity and processability among solid electrolyte classes.