Volta Energy Technologies Looks to Electric Vehicle Future with Investment in Solid Power
Volta Joins Group of International Strategic Investors in Auto Industry-Focused Series A-1 Funding Round
CHICAGO(October 23, 2018) Volta Energy Technologies (Volta) announced today it is investing in Solid Power, an industry-leading developer of solid-state rechargeable batteries. With funding from chemicals company and leading supplier of lithium, Albemarle, a Volta founding strategic investor, and global automotive supplier Hanon Systems, Volta joins A-123, Hyundai, and Samsung in Solid Power’s Series A-1 investmentround. All parties join the BMW Group in supporting Solid Power; a strategic partnership between BMW and Solid Power was announced in December 2017.
Solid Power will use the funding to position the company for production scale-up to MWh-scale, thereby aiding the company’s efforts to position its lithium-metal enabling technology as a viable competitor to current Li-ion batteries as the high-performance battery of choice for mobile power applications.
“Volta brings more than just financial resources to the table. Their technical expertise and network of industry partners will further support Solid Power’s growth as we continue to develop technology that can power the automotive industry’s next generation of batteries,” said Solid Power CEO Doug Campbell.
Solid Power is the third addition to Volta’s growing portfolio of technologies and businesses aimed at enabling the ubiquitous global adoption of electric vehicles and renewable power generation. Volta selected Solid Power because of the early stage company’s potential to solve key technical hurdles for Volta’s EV industry partners and stakeholders.
“Solid Power’s technical advantages—higher energy, improved safety, and lower cost—make them particularly attractive to Volta’s strategic investors,” said Volta Chief Technology Officer Dave Schroeder. “We look forward to working with our strategic investor partners to pave the way for broader commercialization of Solid Power’s lithium-metal technology at this critical moment for the company and industry as a whole.”
“Hanon Systems is an automotive supplier of thermal and energy management solutions that is sharply focused on solutions supporting e-mobility,” said Hanon Systems President and Chief Executive Officer In-Young Lee. “This investment in Solid Power’s lithium-metal enabling technology will help us better understand the science behind the next generation battery technology and support our development of differentiated solutions for automakers; and partnering with Volta brings added value by enabling access to its host of technical experts and network of investors in its value stream.”
Solid Power’s solid-state batteries contain no liquid electrolyte and are instead comprised of proprietary inorganic materials, enabling a lithium-metal based battery with higher energy density without volatile or flammable components. Increasing energy density and safety through solid-state batteries can dramatically improve the performance, simplicity, and cost of electric vehicles. The potential for competitive advantage posed by these materials has been recognized by automakers across the globe.
Volta launched in December 2017 with a new model to identify and invest in breakthrough technologies that will impact a crowded energy storage market. The combination of Volta’s relationships with Argonne National Laboratory and its strategic industry partners, such as Albemarle and Exelon, will help to maximize impact and returns in this opportunity-rich sector.
Volta Energy Technologies identifies and invests in battery and energy storage technology after performing deep diligence with the support of unparalleled global research institutions. Seeded by strategic corporate investors, Volta connects innovators with investors and relevant industries that are adopting energy storage technology, delivering strategic returns for all. To learn more, visit volta.vc and follow @VoltaLink on Twitter.