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Solid Power Raises $20 Million In the Battle to Build All-Solid-State Batteries

United States: Solid Power, have raised $20 million from the giant companies like Samsung, A123 Systems, and Hyundai Cradle. This startup has a working prototype of an all-solid-state, rechargeable, lithium-metal battery, which could be the future of batteries used in consumer electronics as well as electric vehicles.

Solid Power is positioning its innovation as a competitor to the lithium-ion batteries that have dominated the energy-storage industry. Supporters say elective battery advances might be more secure and can pack more vitality than lithium ion, however suppliers have attempted to progress from small-scale demonstrations to high-volume production.

Strong Power hopes to finish development this year and it will be completely operational in 2019. The site will have the capacity to create batteries with around 10 megawatt-long periods of limit a year. The company’s CEO mentioned that is sufficiently huge for potential clients to approve the organization's innovation.

Once the assembling plant is up and running, Solid Power has secured contracts with organizations in the pharma, defense, and oil and gas divisions to test batteries for various applications. If those tests are effective, it would like to be in business items inside year and a half. Moreover, the CEO of the company said that the income from such applications will be utilized to additionally change and scale up its innovation in the desire for winning the big prize of turning into a battery for electric vehicles. The startup as of now has an organization with BMW to create and test its technology.

The cash Solid Power has raised will be used to build a small manufacturing setup in Louisville, Colorado.

According to TechSci Research, the move is expected to have a positive impact on the growth of the battery market globally. Government’s push for electric vehicles to conserve energy and decrease the environmental pollution associated with the combustion of conventional energy sources will drives the overall battery market. Moreover, the growing necessity of generating renewable power and the rising need to increase the operational efficiency of batteries, will drive the growth of the Global Battery market. Introduction of innovative technologies, increasing investments and expanding product portfolio are some factors, which are expected to propel demand for Battery over the next five years.

According to the recently published report by TechSci Research, “Global Battery Monitoring System Market, By Component (Hardware and Software), By Type (Wired Battery Monitoring System, etc.), By Battery Type (Lithium-Ion Based Battery, Lead-Acid Battery and Others), By End-User (Telecommunications, Energy, Automotive and Others), By Company and By Geography, Forecast & Opportunities, 2023”, Global Battery Monitoring System Market is expected to reach USD 5.52 Billion by 2023, growing at a CAGR of over 18%, in value terms, owing to the government push for electric vehicles to conserve energy and decrease the environmental pollution associated with the combustion of conventional energy sources. Moreover, the growing necessity of generating renewable power and the rising need to increase the operational efficiency of batteries, will drive the growth of the Global Battery Monitoring System market. Based on the component, Hardware segment dominates the market and is expected to maintain its position, due to the ease of installation, faster sampling of data, reduced cabling, and high-resolution data recording abilities of hardware components such as sensors, data loggers etc. Based on the type of Battery, the Lithium-ion based battery segment is expected to dominate the market due to the growing adoption of lithium-ion batteries in power tools, battery backup and electric vehicles. North America is expected to lead the market due to growing investments in data centers and renewable power generation capacities by constituent nations like US and Canada.

According to the recently published report by TechSci Research, “Global Battery Separator Market By Type (Lithium-Ion Battery Separator and Lead-Acid Battery Separator), By End User (Automotive, Electronics, Industrial & Others), Competition Forecast & Opportunities, 2013 – 2023”, Global Battery Separator projected to grow at a CAGR of over 8%, in value terms, during 2018-2023. Growing usage of laptops, cell phones & other wireless electronics, increased investments, introduction of innovative technologies and expanding product portfolio are some factors, which are expected to propel demand for Battery Separator over the next five years.

According to the recently published report by TechSci Research, “Global Automotive Battery Market Forecast and Opportunities”, the global automotive battery market is forecast to surpass USD42.6 billion by 2019. In value terms, the passenger car battery market is the most dominant automotive battery segment, followed by commercial vehicle, two-wheeler, three-wheeler and OTR battery segments. Due to large fleet size and increasing penetration of passenger cars, predominantly in developing countries, the passenger car battery market is expected to continue its dominance in the global automotive battery market during the forecast period as well. Asia-Pacific is the most dominant region for the global automotive battery market. This market dominance can be attributed to the region’s huge and expanding two-wheeler and passenger car fleet, especially in China, Japan and India.

Relevant Reports

Global Battery Monitoring System Market, By Component (Hardware and Software), By Type (Wired Battery Monitoring System,etc.), By Battery Type (Lithium-Ion Based Battery, Lead-Acid Battery and Others), By End-User (Telecommunications, Energy, Automotive and Others), By Company and By Geography, Forecast & Opportunities,

Power | Feb, 2018

Increasing demand for electric vehicles, growing need of generating renewable power and rising need to increase the operational efficiency of batteries, drives the Global Battery Monitoring System Market through 2023.

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