BMW Tries To Accelerate Solid-State Batteries Production Under Solid Power Deal To Tap EV Transition - Solid Power (NASDAQ:SLDP), BMW (OTC:BMWYY)

Bayerische Motoren Werke AG BMWYY expanded its partnership with Solid Power, Inc SLDP for conducting complementary cell development and manufacturing activities.
Now BMW can establish an ASSB prototype line in its Cell Manufacturing Competence Center (CMCC) in Parsdorf near Munich.
BMW will begin producing cells in the first half of this year to develop battery cells large enough to test in a vehicle before 2025, Bloomberg reports citing Peter Lamp, BMW's head of battery R&D, in an interview.
Solid Power has development agreements with both BMW and Ford Motor Co F and could win automotive supply contracts on goal accomplishment.
"We have good teams on the Solid Power side, on the BMW side," Lamp said. "If we move forward separately, it's not the same speed as if we join forces."
Solid Power went public via a reverse merger in 2021. Co-founder Doug Campbell stepped down as CEO in November. Chair David Jansen served as interim CEO while it searched for a permanent replacement.
In 2022, BMW invested $1.7 billion in its U.S. operations under its electromobility plan.
The investment includes $1 billion to prepare for the production of electric vehicles at the company's existing U.S. manufacturing facility in Plant Spartanburg, South Carolina and $700 million to build a new high-voltage battery assembly facility nearby Woodruff, South Carolina.
The solid-state battery market reached $630.5 million in 2021 and will likely grow at a CAGR of 36.3% to reach $10.2 billion in 2030, courtesy of global demand for Electric Vehicles (EVs).
Price Action: SLDP shares traded higher by 6.25% at $2.97 on the last check Friday.
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