Solid Power (SLDP -2.95%) designs solid-state battery technology. Management intends to license its designs or sell its solid electrolyte for use in production at other battery manufacturers. Its technology is also compatible with existing technologies, so its designs can get to market faster.
In 2024, Solid Power won a $50 million award from the U.S. Department of Energy to produce its electrolyte materials for solid-state batteries. The award should help bolster its cash runway, as its minimal partner revenue began to stall in the latter half of 2024.
Since it's backed by Ford and BMW, it should have customers lined up for its batteries if it can execute on its timeline. BMW has already begun testing vehicles powered by its battery technology in Munich. Still, there's a risk that its technology won't work as well as expected or that competitors will develop a better product in that time.
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