A123 Systems LLC, a developer and manufacturer of advanced lithium-ion batteries and systems, announced its investment in Solid Power Inc., a leading developer of the technology which enables breakthroughs in the energy density and safety of next generation batteries. Solid Power’s technology has been recognized as a game-changer by several global automakers and the investment from A123 will help power the ongoing development of the company’s cell manufacturing strategy.
This investment represents another step in A123’s plan to couple strategic technology investments to its own substantial R&D efforts in order to develop a world-class portfolio of battery technology. Previously announced transactions under the same program include A123’s recent investment in Wildcat Discovery Technologies and it technical collaboration with Argonne National Labs, which was announced last year. Further technology investments and strategic collaborations are also being developed.
“A123 continues to invest in the future and is actively developing a portfolio of high energy density products to complement our historical leadership in high power solutions.” says Jeff Kessen, A123’s Vice President of Corporate Strategy. “We acted early as a series A investor to support a promising solid-state technology and look forward to the commercialization of Solid Power’s innovations as they continue to mature.”
Solid Power originated as a spin-out from the University of Colorado Boulder and was established in 2012 by a team of world-class battery researchers and engineers. The ground-breaking solid-state technology enables the safe application of lithium metal anodes as a means to achieving outstanding energy density.
Commenting on the deal, Solid Power’s CEO Doug Campbell said, “We are committed to advancing the solid-state battery industry and pushing the limits on development as a way to improve battery-powered devices such as electric vehicles, portable electronics, and other applications. The investment from A123 will help us continue to make significant strides toward large-scale commercialization.”