SK Innovation to invest $30 mn in Ford-backed Solid Power for solid-state battery development

Dr. Lee Seongjun, CTO of SK Innovation (left) and Doug Campbell, CEO of Solid Power (right) take a commemorative photo after signing the MoU and JDA for the development of all-solid-state batteries on October 28, 2021. [Photo by SK Innovation Co.]

South Korea’s refinery-to-battery company SK Innovation Co. will invest $30 million in U.S.-based solid-state battery maker Solid Power for headway in commercialization of next-generation all-solid-state batteries.

SK Innovation announced Thursday that it has signed a memorandum of understanding with U.S.-based Solid Power under which the company committed to make a $30 million investment to jointly develop all-solid-state batteries.

Established in 2011 and based in Colorado, U.S., Solid Power is a solid-state battery specialist backed by Ford Motor and BMW.

The next generation all-solid-state battery will employ the nickel, cobalt and manganese (NCM) cathode materials used in lithium-ion batteries and high-content silicone anode materials to achieve a target energy density of 930 watts-hour per liter, 33 percent higher than lithium-ion batteries, SK Innovation explained.

All-solid-state batteries can replace a liquid electrolyte used in lithium-ion batteries with a solid electrolyte. They are considered a potential game changer for electric vehicles as they are smaller, lighter and safer than lithium-ion batteries and capable of delivering higher energy and powering longer-range electric vehicles.

Although solid-state batteries are more expensive to mass produce than lithium-ion ones, the two companies will produce solid-state cells from the existing lithium-ion battery manufacturing plants to save time and costs for facility investment.

Solid Power is already producing prototype solid-state battery cells on its pilot production line at its headquarters and has vowed to expand the solid electrolyte manufacturing capacity.

“Through our partnership with Solid Power, we have secured a strong foothold in the solid-state battery market on top of our unrivaled leadership in the global lithium-ion battery market. The company will work together with Solid Power to solve the technical barriers in commercializing the next-generation battery cells,” SK Innovation said.

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