Solid Power, Inc. (SLDP), a developer of solid-state battery technology, announced on Friday that it has been selected by the U.S. Department of Energy's Office of Manufacturing and Energy Supply Chains to begin award negotiations for up to $50 million in federal funding.
The award is to support the continuous production of sulfide-based solid electrolyte materials for advanced all-solid-state batteries.
With this, Solid Power intends to install the continuous manufacturing process of sulfide-based solid electrolyte materials for advanced all-solid-state batteries and expand its electrolyte production capabilities at its Thornton, CO facility.
John Van Scoter, CEO of Solid Power, said: "We view our selection for funding by the U.S. Department of Energy as validation of the promise sulfide-based all-solid-state batteries hold. By adopting a continuous manufacturing process for our electrolyte, we expect to be able to meet anticipated near-term demand."
Further, the company noted that it does not anticipate any DOE funding to have a material impact on its full-year financial outlook.
SLDP was trading up by 3.76 percent at $1.370 in the pre-market trade on the Nasdaq.
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