Ford Backed Solid Power Made $20 Million In 2024

Ford has invested heavily in solid-state battery manufacturer Solid Power over the past few years, which makes sense given the fact that many – including CEO Jim Farley – believe that this type of technology is the future. Solid-state batteries don’t use the liquid electrolyte found in conventional lithium-ion batteries, can be lighter, offer greater energy density, and provide more range at a lower cost, though the technology isn’t viable for automotive use just yet. Ford recently opted to extend its relationship with Solid Power late last year, a move that comes after the company posted a strong revenue figure.

Solid Power just released its 2024 financial reporting, and it reveals that the company raked in $20.1 million in revenue last year – $2.7 million more than 2023 – a performance largely driven by its partnerships with other outfits such as Ford EV battery partner SK On, plus BMW and The Blue Oval itself. Solid Power’s operating expenses grew from $108 million in 2023 to $125.5 million in 2024 due to increased research and development costs and equipment purchases, meaning that the company posted an operating loss of $105.3 million and a net loss of $96.5 million.

Regardless, Solid Power still holds a total liquidity of $327.5 million, with contract receivables of $1.4 million, deferred revenue of $3.2 million, and total current liabilities of $20 million, all while 2024 capital expenditures totaled $15.9 million. Solid Power expects its 2025 cash investment – representing cash used in operations and capital expenditures – to be in the range of $100 million to $120 million.

“In 2024, we made solid progress across all aspects of our business, including increasing electrolyte sampling based on strong customer demand and refining cell designs with anticipated improvements to safety and performance,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “Gaining a deeper knowledge of ASSB technology through our development efforts has allowed us to be a value-added partner for SK On, BMW and Ford and encouraged repeated sampling with potential electrolyte customers.”

“In 2025, Solid Power will continue to push the development of ASSB technology forward by improving electrolyte performance through feedback from our cell development team, executing on partner requirements and customer requests, continuing to innovate on both electrolyte and cell technologies, and maintaining financial discipline while strategically investing in development and capabilities. We are committed to holding a leadership position in ASSB technology and delivering long-term shareholder value.”