SK Innovation invests $30 million in Solid Power

November 16, 2021
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SK Innovation and Solid Power have signed a memorandum of understanding to jointly develop solid-state batteries for precommercial production. Solid Power's automotive partners will use cells produced under the agreement for validation testing. SK Innovation will license the technology and buy electrolyte material from Solid Power for production. Although production volumes will probably be small during the automotive-validation period, this partnership is significant as one of the few public collaborations between a battery startup and major cell manufacturer. The real value of SK Innovation's involvement will be to demonstrate solid-state battery production using existing manufacturing processes.

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