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BMW Will Manufacture Solid Power's Battery Cells As Part of A Revised Deal
Solid Power Inc. said Wednesday it will give BMW solid-state battery IP and allow BMW to make the cells in Germany.
Solid Power Inc announced on Wednesday that it will provide BMW with certain intellectual property rights pertaining to its solid-state batteries and allow BMW to manufacture the battery cells in Germany.
BMW will license the cell design and production procedures from Colorado-based Solid Power for $20 million through June 2024, subject to certain circumstances.
Solid Power will maintain the intellectual property rights to its electrolyte compound, which it will provide to BMW once the automaker's battery production lines are operational.
BMW, an investor in Solid Power, has a contract in place to acquire completed battery cells.
Solid Power, which went public in December of last year, is among a handful of businesses attempting to produce next-generation batteries for electric vehicles, with the goal of resolving some of the problems associated with lithium-ion batteries currently in use.
Solid-state batteries employ a solid electrolyte, as opposed to lithium-ion batteries' liquid electrolyte, and have a lesser chance of catching fire.
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