Umicore announces equity investment in Solid Power, leading developer of next-generation solid state batteries

Umicore announces equity investment in Solid Power, leading developer of next-generation solid state batteries

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15 Jun 2021 18:01 CEST

Umicore announces equity investment in Solid Power, leading developer of next-generation solid state batteries

Umicore announces equity investment in Solid Power, leading developer of next-generation solid state batteries

Following the announcement by Solid Power to become a publicly listed company through a special purpose acquisition company (SPAC), Umicore communicates today that it holds a stake in Solid Power's pre-SPAC transaction. This stake was built through two successive investment rounds (series A and B) which Solid Power raised before launching the next phase of its growth through a public listing.

Founded in 2012, Solid Power is a Colorado-based industry-leading developer of next-generation all-solid-state batteries for electric vehicles. With eight years of technology development and three years of manufacturing development, Solid Power has been working to deliver better performing all-solid-state batteries using low-cost, industry standard processes. Solid Power's all-solid-state batteries alleviate the two largest concerns for passenger EV adoption: cost and range anxiety, with an expected 50 to 75% increase in energy density compared to any commercially available lithium-ion battery today. The safety profile of Solid Power's batteries also exceeds that of traditional lithium-ion as a result of its truly all-solid cell architecture. Several leading car manufacturers and cell makers such as Ford, BMW, Hyundai and Samsung invested in Solid Power's promising technology.

As a materials technology company, innovation is at the core of Umicore's success. Umicore is a leading producer of cathode materials for lithium-ion batteries used in electric vehicles and is committed to developing materials that deliver higher energy density, faster charging times and lower costs. Its technology roadmap spans short-, mid- and long-term research horizons for cathode and composite anode materials including those used in solid state technologies. Alongside its own research programs, Umicore promotes open innovation and supports the development of promising technologies by start-up companies such as Solid Power.

Press release of Solid Power: www.solidpowerbattery.com

For more information

Investor Relations

Saskia Dheedene +32 2 227 72 21 [email protected]

Eva Behaeghe +32 2 227 70 68 [email protected]

Aurélie Bultynck +32 2 227 74 34 [email protected]

Media Relations

Marjolein Scheers +32 2 227 71 47 [email protected]

Umicore profile

Umicore is a global materials technology and recycling group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organised in three business groups: Catalysis, Energy & Surface Technologies and Recycling. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life. 

Umicore generates the majority of its revenues and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore's overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life. 

Umicore's industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base. The Group generated revenues (excluding metal) of € 3.2 billion (turnover of € 20.7 billion) in 2020 and currently employs 10,800 people. 

About Solid Power

Solid Power is an industry-leading producer of all-solid-state rechargeable batteries for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide solid electrolyte. As a result, Solid Power's all-solid-state batteries are safer and more stable across a broad temperature range, can provide a 50-75% increase in energy density compared to the best available rechargeable batteries, enable cheaper, more energy-dense battery pack designs and are compatible with traditional lithium-ion manufacturing processes. For more information, visit http://www.solidpowerbattery.com/.

Source

Umicore

Provider

Thomson Reuters ONE