Solid Power expands joint development agreement with BMW

Solid Power (SLDP) announced it has deepened its partnership with the BMW Group (BMWYY). Under an expanded Joint Development Agreement, Solid Power has granted the BMW Group a research and development license to Solid Power’s all-solid-state cell design and manufacturing know-how. The broadened relationship provides significant benefits to both companies, including conducting complementary cell development and manufacturing activities at both Solid Power and the BMW Group to further advance the capability of Solid Power’s technology. The BMW Group intends to duplicate Solid Power’s pilot production lines at its own facility in Germany and produce prototype cells based on Solid Power’s proprietary technology. Prior to the installation of the BMW Group’s prototype line, the BMW Group’s personnel will work hand-in-hand at Solid Power’s facilities to optimize cell manufacturing processes. The BMW Group has agreed to pay Solid Power $20 million through June 2024, subject to achieving certain milestones. The expanded Joint Development Agreement includes sharing of proprietary all-solid-state electrode and cell manufacturing know-how but does not include a license to intellectual property related to Solid Power’s electrolyte material, which remains its core business. Once the BMW Group installs its prototype production line, Solid Power expects to supply its electrolyte material to the BMW Group for prototype cell production.