Solid Power owns the intellectual property rights related to its all-solid-state battery BMW allow the production of battery cell at automaker facilities Germany.
Colorado-based Solid Power will license the cell’s design and manufacturing process to BMW, paying $20 million by June 2024 under certain conditions.
BMW will replicate Solid Power’s pilot production line at its German plant to produce prototype cells based on Solid Power’s proprietary technology.
Solid Power will retain the intellectual property rights related to the electrolyte materials and will supply them to BMW once the automaker’s battery production line is up and running.
BMW, an investor in Solid Power, has already signed a contract to receive the completed battery cells.
Solid Power, which went public last December, is one of a group of companies looking to create next-generation batteries for electric vehicles, with the aim of solving some of the problems associated with the lithium-ion batteries currently in use. is.
All-solid-state batteries use a solid electrolyte compared to the liquid electrolyte in lithium-ion batteries, which reduces the risk of ignition.