Hyperdrive
Samsung Venture, Hyundai Investing in Battery Producer
- Solid Power will use funding to complete manufacturing site
- Company working with BMW to devevelop batteries for cars
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Solid Power Inc., a Colorado-based maker of solid-state battery cells for cars and aircraft, arranged $20 million in financing to complete a manufacturing facility.
Investors in the Series A funding round include Sanoh Industrial Co., Samsung Venture Investment Corp. and the venture capital units of Hyundai Motor Co. and Solvay SA, according to a statement Monday. It comes about nine months after Solid Power announced a deal with BMW AG to develop solid-state batteries for electric vehicles.