U.S. EV battery company Solid Power stated it had partnered with Germany’s BMW AG to develop the next-generation solid-state battery innovation for use in electric cars (EVs).
BMW will help in advancing Solid Power’s technology to achieve performance levels needed for high-performance EVs, Louisville, Colorado-based Solid Power stated.
Financial terms of the deal were not revealed.
Talking about solid-state battery, the technology is a high-capacity energy storage device that enhances on today’s lithium-ion batteries, replacing the liquid or gel-form electrolyte with a strong, conductive product. Among other advantages, the new technology provides more capacity and better safety.
Automakers are attempting to reduce the expense of electric vehicles by putting cash in the development of inexpensive but powerful batteries.
Established in 2012, Solid Power states its solid-state rechargeable batteries could decrease costs because of the potential for getting rid of many of the expensive safety features connected with lithium-ion systems.
Toyota Motor, which has called the technology a “game changer” for EVs, plans to commercialize solid-state batteries and present an electric car in the early 2020s powered by them.
German auto provider Continental AG is thinking about putting cash in the technology, CEO Elmar Degenhart informed trade weekly Automobilwoche in an interview in the previous month.