BMW to pay Solid Power $20 million through June 2024, deal does not include license to intellectual property
US-based battery maker Solid Power said Wednesday that it granted German automaker BMW Group a research and development license to its solid-state battery design and manufacturing know-how.
The partnership also includes conducting cell development and manufacturing activities at both companies to further advance the capability of solid-state battery technology.
“The BMW Group intends to duplicate Solid Power’s pilot production lines at its own facility in Germany and produce prototype cells based on Solid Power’s proprietary technology,” according to a statement.
BMW will pay Solid Power $20 million through June 2024, subject to achieving certain milestones, but the deal does not include a license to intellectual property related to Solid Power’s electrolyte material.
The new partnership comes as the race for electric vehicles between carmakers has intensified in recent years with a focus on battery technologies.
Solid-state batteries,found in pacemakers and wearable devices, use solid electrolytes instead of liquid electrolytes found in lithium-ion batteries.
Although lithium-ion batteries are widely used in hybrid and plug-in electric vehicles, many carmakers have started exploring and developing the use of solid-state batteries.