Solid Power, Inc. (NASDAQ:SLDP) stock is trading higher on Friday after the company was selected by the U.S. Department of Energy Office of Manufacturing and Energy Supply Chains to start negotiations for up to $50 million in federal funding.

The Details: Federal funding, via the Bipartisan Infrastructure Law, supports creating a continuous manufacturing process for sulfide-based solid electrolyte materials.

The sulfide-based solid electrolyte material plays an integral part in the expected performance advancements in energy density, safety, stability and cost of advanced all-solid-state batteries. Currently, Solid Power can produce up to 30 metric tons of electrolyte per year. Through this project, Solid Power expects to increase its production capability to 75 metric tons in 2026 and 140 metric tons in 2028.

“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,” said John Van Scoter, President and CEO of Solid Power.

“By adopting a continuous manufacturing process for our electrolyte, we expect to be able to meet anticipated near-term demand and set Solid Power up to become the leading global producer of sulfide-based solid electrolyte.”

How To Buy Solid Power Shares

By now you're likely curious about how to participate in the market for Solid Power (NASDAQ:SLDP) – be it to purchase shares, or even attempt to bet against the company.

In the the case of Solid Power (NASDAQ:SLDP), which is trading at $1.49 as of publishing time, $100 would buy you 67.11 shares of stock.

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SLDP Price Action: At the time of publication, Solid Power shares are moving 12.8% higher at $1.50, according to data from Benzinga Pro.

Image: 791333 from Pixabay.