The automakers intend to use the next-generation batteries in electric vehicles by the end of this decade.
Ford Motor is increasing its investment in EV battery start-up Solid Power with the stated intention of beginning to integrate the next-generation batteries into its electric vehicles by the end of this decade.
Ford, which first invested in the company in 2019, led a $130 million funding round in Solid Power with BMV and Venture capital firm Volta Energy Technologies, the companies said Monday.
Solid Power manufactures solid-state batteries which don’t use the liquid electrolyte found in the conventional lithium-ion batteries used to power most electric vehicles. The batteries can thus be lighter, with greater energy density that provides more range at a lower cost.
Under the announced agreement, Ford and BMW will receive automotive-capable battery cells from Solid Power for testing and integration into its EVs starting next year.