Ford first invested in solid-state battery manufacturer Solid Power back in 2019 and most recently made an additional equity investment in the company just last month, along with BMW Group. But it appears that the company isn’t done raising funds just yet, as Bloomberg is reporting that Solid State is mulling the idea of going public via a merger with blank-check firm Decarbonization Plus Acquisition Corp. III.
The deal hasn’t been finalized yet, but sources tell Bloomberg that DPAC wants to raise over $100 million to support the merger, which would produce an entity valued at around $1.2 billion. In its most recent fundraising round, Sold State accumulated $130 million from Ford, BMW, and Volta Energy Technologies LLC. The company plans to begin producing solid-state batteries for electric vehicles in early 2022.
Solid-state batteries are touted as a superior alternative to lithium-ion batteries thanks to their light weight and greater energy density, as well as their ability to deliver more range at a lower cost. Solid State’s sulfide-based solid-state battery cells are production line-ready and were validated by Ford and BMW Group late last year.
Ford will receive full-scale 100-ampere hour (Ah) cells from Solid Power for testing and integration into its future vehicles starting next year and the automaker has a separate joint development agreement with Solid Power to develop and test its specific battery cell design.
Ford has announced a slew of EV battery initiatives in recent weeks, including its new Ion Park battery research and development center, a joint venture with South Korean battery manufacturer SK Innovation called BlueOvalSK, and its next-gen power system dubbed IonBoost. As Ford Authority reported earlier today, the hope is these efforts will help Ford ultimately produce a profitable, $20k EV at some point in the future.