Solid Power (NASDAQ:SLDP), a leading developer of solid-state battery technology, today announced it has deepened its partnership with SK On with three new agreements: a research and development license, a line installation arrangement, and an electrolyte supply agreement, each of which are detailed below. Together, the agreements expand Solid Power’s presence in Korea and strengthen the existing relationship between Solid Power and SK On, a key cell manufacturing partner.
“This expanded arrangement with SK On provides the framework for closer collaboration with one of the industry’s leading battery manufacturers and increases our presence in one of the world’s most strategically important battery markets,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “This is another meaningful vote of confidence for our solid-state battery technology. This deepened relationship strengthens our competitive position as we progress towards commercialization.”
The deepened relationship between the two companies will increase overall collaboration and development efforts on Solid Power’s solid-state cell technology. The agreements enable SK On to use Solid Power’s cell technology for research and development and to produce batteries on a new SK On solid-state line in Korea.
“SK On has, and will continue to be, an important partner for Solid Power,” said Derek Johnson, Chief Operating Officer of Solid Power. “As demonstrated in 2023, a deepened collaboration with our key partners can accelerate technology advancement. Today’s steps will further expand development of our solid-state technology into Korea and allow Solid Power to demonstrate its capabilities as a valued electrolyte supplier.”
Van Scoter continued, “The primary benefit of these agreements is to broaden the development of our technology with a key partner. As we execute, we also expect to strengthen our cash position.”
Upon achievement of milestones and electrolyte deliveries, Solid Power expects to receive at least $50 million in revenue from these combined agreements.
