Ford and BMW AG have invested $130 million in solid-state battery start-up Solid Power. The announcement comes as automakers strive to find more cost-effective, rechargeable battery solutions for their electric vehicles.
The new investment will enable Solid Power to develop its in-house manufacturing capabilities further. According to Ted Miller, Ford’s manager of electrification subsystems and power supply research, the new technology could be a game-changer for Ford’s EV lineup. “By simplifying the design of solid-state versus lithium-ion batteries, we’ll be able to increase vehicle range, improve interior space and cargo volume, and ultimately deliver lower costs and better value for customers,” said Miller in a statement.