Ford Is Boosting Its Stake in Battery Start-Up Solid Power, a Key QuantumScape Rival
Ford Motor Company (NYSE: F) said that it's increasing its ownership stake in Solid Power, a Colorado-based maker of solid-state batteries for electric vehicles (EVs) that has positioned itself as a key rival to QuantumScape (NYSE: QS).
Ford, which first invested in Solid Power in 2019, said that it will invest an unspecified sum in the battery maker's current $130 million Series B funding round. Once the round is complete, Ford and rival automaker BMW (OTC: BMWYY) (OTC: BAMXF), which is also investing in the Series B round, will own equal stakes in Solid Power.
Solid-state batteries, which omit the liquid electrolyte used in today's lithium-ion batteries, have the potential to offer greater energy density than lithium-ion batteries with less weight and at a lower cost. A solid-state battery design that can be mass-produced at a reasonable cost has eluded researchers for years, but Solid Power, which began its work in 2012, is one of several start-ups believed to be closing in on a viable design for EVs.
Source Fool.com
