Following the announcement by solid-state battery company Solid Power that it will become a publicly listed company through a special purpose acquisition company (SPAC), materials technology company Umicore announced that it holds a stake in Solid Power’s pre-SPAC transaction. This stake was built through two successive investment rounds (series A and B) which Solid Power raised before launching the next phase of its growth through a public listing.

Founded in 2012, Solid Power is a Colorado-based developer of next-generation all-solid-state batteries for electric vehicles. With eight years of technology development and three years of manufacturing development, Solid Power has been working to deliver better performing all-solid-state batteries using low-cost, industry standard processes.

Solid Power’s all-solid-state batteries alleviate the two largest concerns for passenger EV adoption: cost and range anxiety, with an expected 50 to 75% increase in energy density compared to any commercially available lithium-ion battery today.

The safety profile of Solid Power’s batteries also exceeds that of traditional lithium-ion as a result of its truly all-solid cell architecture. Several leading car manufacturers and cell makers such as Ford, BMW, Hyundai and Samsung have invested in Solid Power’s promising technology.

Umicore is a leading producer of cathode materials for lithium-ion batteries used in electric vehicles and is committed to developing materials that deliver higher energy density, faster charging times and lower costs. Its technology roadmap spans short-, mid- and long-term research horizons for cathode and composite anode materials including those used in solid-state technologies.

Alongside its own research programs, Umicore promotes open innovation and supports the development of promising technologies by start-up companies such as Solid Power.

The SPAC business combination values Solid Power at an implied $1.2 billion pro forma enterprise value. Upon closing of the transaction, Solid Power is expected to have approximately $600 million in cash, including a $165-million fully committed PIPE transaction anchored by investors Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates Corporation. Cash proceeds to Solid Power will be used to fund operations and support Solid Power’s growth.