Equinor Ventures invests in all solid-state battery company Solid Power
Solid Power, an industry-leading producer of all solid-state batteries, recently announced a $130M Series B. Equinor Ventures is delighted to join as an investor.
Equinor Ventures is pleased to announce an investment in Solid Power, a Colorado based company developing all solid-state batteries (ASSBs) for electric vehicles. The investment round was led by the BMW Group, Ford Motor Company and Volta Energy Technologies.
We are investing in Solid Power as a strategic investor in Volta. In our recent strategy at Equinor Ventures, there is an explore pillar which requires us to invest in highly disruptive technologies supporting energy transition. And mobility is one such sector where we are seeing a rapid transition and early adaptation of battery technologies. We believe Solid Power batteries can further accelerate that transition and utilize the mobility sector to benefit from a large-scale uptake of ASSBs, making these energy-dense and safer batteries affordable.
Alongside this investment, the BMW Group and Ford have also expanded existing joint development agreements with Solid Power to secure all solid-state batteries for future electric vehicles. This positions Solid Power to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration. The BMW Group and Ford aim to utilize Solid Power’s low-cost, high-energy all solid-state battery technology in forthcoming electric vehicles.
Equinor aims to accelerate our renewables position both within offshore wind and also stepping up in onshore renewables including energy storage. Growing renewable penetration will bring an increasing need to balance intermittent power supply with consumer demand where batteries and other forms of energy storage will be required. We have seen steep and consistent declines in battery prices driven by the electric vehicle revolution and see interesting business opportunities emerging for energy storage in several power markets. Hence, using Equinor Ventures as a tool to establish early presence in new technologies is extremely valuable as it can bring helpful insights to support our business development planning.