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BMW Tries To Accelerate Solid-State Batteries Production Under Solid Power Deal To Tap EV Transition

  • Bayerische Motoren Werke AG (OTC: BMWYY) expanded its partnership with Solid Power, Inc (NASDAQ: SLDP) for conducting complementary cell development and manufacturing activities.

  • Now BMW can establish an ASSB prototype line in its Cell Manufacturing Competence Center (CMCC) in Parsdorf near Munich.

  • BMW will begin producing cells in the first half of this year to develop battery cells large enough to test in a vehicle before 2025, Bloomberg reports citing Peter Lamp, BMW's head of battery R&D, in an interview.

  • Solid Power has development agreements with both BMW and Ford Motor Co (NYSE: F) and could win automotive supply contracts on goal accomplishment.

  • "We have good teams on the Solid Power side, on the BMW side," Lamp said. "If we move forward separately, it's not the same speed as if we join forces."

  • Solid Power went public via a reverse merger in 2021. Co-founder Doug Campbell stepped down as CEO in November. Chair David Jansen served as interim CEO while it searched for a permanent replacement.

  • In 2022, BMW invested $1.7 billion in its U.S. operations under its electromobility plan.

  • The investment includes $1 billion to prepare for the production of electric vehicles at the company's existing U.S. manufacturing facility in Plant Spartanburg, South Carolina and $700 million to build a new high-voltage battery assembly facility nearby Woodruff, South Carolina.

  • The solid-state battery market reached $630.5 million in 2021 and will likely grow at a CAGR of 36.3% to reach $10.2 billion in 2030, courtesy of global demand for Electric Vehicles (EVs).

  • Price Action: SLDP shares traded higher by 6.25% at $2.97 on the last check Friday.

  • Photo Via Company

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