Why EV Battery Stock Solid Power Soared Today
Shares of Solid Power (NASDAQ: SLDP) surged Wednesday morning and were trading 11.6% higher as of 10:30 a.m. ET on the back of its quarterly earnings release. Solid Power is among the several start-ups trying to disrupt the electric vehicle (EV) battery market with alternatives to lithium-ion batteries. Solid Power's solid-state battery technology has already found some takers for testing and validation, and the company has now started large-scale production of its EV cells.
Solid Power is not a battery manufacturer but aims to license its cell designs and manufacturing processes and sell electrolyte material. The company already has some impressive joint development agreements (JDAs), including with German luxury car maker (OTC: BAMXF) and auto giant Ford.
In its second quarter, Solid Power generated $4.9 million in revenue from JDAs, up more than twofold year over year. The company racked up $8.7 million in revenue during the first half of 2023, up 123% year over year.
Source Fool.com
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