Solid power, industry-leading all-solid-state battery producer, to list on NASDAQ through merger with Decarbonization Plus Acquisition Corporation III.
Solid Power, Inc. (“Solid Power”), an industry-leading producer of all-solid-state batteries for electric vehicles, and Decarbonization Plus Acquisition Corporation III (“DCRC”) announced a definitive agreement for a business combination that would result in Solid Power becoming a publicly listed company.
Upon closing of the transaction, the combined company will be named “Solid Power, Inc.” and its common stock and warrants are expected to trade on NASDAQ under the new ticker symbol “SLDP” and “SLDP WS,” respectively.
Upon closing, Solid Power is expected to have a nine-person board composed of a majority of independent directors and will continue to be led by Solid Power’s existing management team, which brings deep technological and manufacturing experience.
With eight years of technology development and three years of manufacturing development, Solid Power has been working to deliver on one objective – produce better performing all-solid-state batteries using low-cost, industry standard processes.
Solid Power manufactures its batteries on the company’s pilot production line, which essentially mirrors lithium-ion manufacturing processes, while eliminating certain expensive and timely steps.
Solid Power’s all-solid-state batteries could provide a near 500-mile vehicle range on a single charge, which is 50 to 75 percent greater than any commercially available lithium-ion battery.
The safety profile of Solid Power’s batteries is also improved over traditional lithium-ion as a result of its truly all-solid cell architecture. Solid Power’s partners Ford and BMW expect to integrate the company’s batteries in future electric vehicles.
Doug Campbell, Co-Founder and Chief Executive Officer of Solid Power, said, “
Today marks an important milestone of commercializing Solid Power’s next generation of all-solid-state batteries that can alleviate the two largest passenger EV pain points: range anxiety and cost.
“In addition to our existing partners, Ford and BMW, we are now excited to partner with the DCRC team that shares our vision of powering a cleaner, safer and cost-effective electric future.”
Robert Tichio, Chairman of the Board of DCRC and Partner at Riverstone Holdings LLC, added,
Solid-state batteries have long been the elusive technology breakthrough in the battery category for the better part of a decade.
“Countless labs, scientists, ventures and corporates have claimed progress towards scalable solid-state batteries, with an emphasis on claims. No other known company has made the type of commercialization achievements in all-solid-state batteries that Solid Power has, and Solid Power’s technology is built around a manufacturing process that would be indistinguishable to lithium-ion batteries, putting this Company in a league of its own.
“We are extremely grateful to both the Company’s existing investors – which includes a leading roster of automotive, industrial and financial investors such as Ford, BMW, Hyundai, Samsung and Volta Energy Technologies – and this management team for their partnership and look forward to bringing Solid Power to the public markets.”
“With nearly a $220 billion total addressable market, Solid Power is well-positioned for significant growth for years to come. Through the vision and leadership of Doug Campbell, they have built an incredible team, developed an all-solid-state battery technology platform that is expected to outperform lithium-ion and future next-generation battery technologies, and attracted a collection of world-class investors and partners,” Mr. Tichio concluded.
Solid Power recently announced an approximately $135 million Series B investment round led by the BMW Group, Ford Motor Company and Volta Energy Technologies. Ford and the BMW Group also expanded existing joint development agreements with Solid Power to secure all-solid-state batteries for future electric vehicles.
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- Merger with Riverstone Holdings LLC’s Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) constitutes significant milestone in commercialization of Solid Power’s next generation all-solid-state batteries
- Ford and the BMW Group aim to utilize Solid Power’s low-cost, high-energy battery technology in forthcoming electric vehicles
- Solid Power’s balance sheet was recently bolstered following its approximately $135 million Series B Round, which is in addition to the $165 million PIPE and $350 million from DCRC’s cash in trust, and assuming no redemptions by DCRC’s public stockholders, Solid Power will receive upon closing, for a total amount raised of approximately $650 million
- Ford and BMW recently participated in previously announced approximately $135 million Series B financing in Solid Power
- Pro forma implied enterprise value of the combined company is approximately $1.2 billion
- Upon closing, the combined company is expected to list on NASDAQ under the ticker symbol “SLDP”
- Companies will host a webcast and conference call on June 15 at 8:00 am EST
Solid Power, Industry-Leading All-Solid-State Battery Producer, to List on NASDAQ through Merger with Decarbonization Plus Acquisition Corporation III, LOUISVILLE, Colo. and MENLO PARK, Calif., June 15, 2021
