- Bayerische Motoren Werke AG (OTC:BMWYY) expanded its partnership with Solid Power, Inc (NASDAQ:SLDP) for conducting complementary cell development and manufacturing activities.
- Now BMW can establish an ASSB prototype line in its Cell Manufacturing Competence Center (CMCC) in Parsdorf near Munich.
- BMW will begin producing cells in the first half of this year to develop battery cells large enough to test in a vehicle before 2025, Bloomberg reports citing Peter Lamp, BMW’s head of battery R&D, in an interview.
- Solid Power has development agreements with both BMW and Ford Motor Co (NYSE:F) and could win automotive supply contracts on goal accomplishment.
- “We have good teams on the Solid Power side, on the BMW side,” Lamp said. “If we move forward separately, it’s not the same speed as if we join forces.”
- Solid Power went public via a reverse merger in 2021. Co-founder Doug Campbell stepped down as CEO in November. Chair David Jansen served as interim CEO while it searched for a permanent replacement.
- In 2022, BMW invested $1.7 billion in its U.S. operations under its electromobility plan.
- The investment includes $1 billion to prepare for the production of electric vehicles at the company’s existing U.S. manufacturing facility in Plant Spartanburg, South Carolina and $700 million to build a new high-voltage battery assembly facility nearby Woodruff, South Carolina.
- The solid-state battery market reached $630.5 million in 2021 and will likely grow at a CAGR of 36.3% to reach $10.2 billion in 2030, courtesy of global demand for Electric Vehicles (EVs).
- Price Action: SLDP shares traded higher by 6.25% at $2.97 on the last check Friday.
- Photo Via Company
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