Finance

BMW Attempts to Accelerate Solid State Batteries Production under the Solid Power Deal To Tap EV Transformation

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  • Bayerische Motoren Werke AG (OTC: BMWYY) expanded its partnership with Solid Power, Inc (NASDAQ: SLDP() to conduct complementary cell development activities and manufacturing activities.

  • BMW now has the opportunity to set up an ASSB proto line at its Cell Manufacturing Competence Center in Parsdorf (CMCC). Munich.

  • Bloomberg reports that BMW will start producing cells in the first quarter of 2012. This is to create large-sized battery cells for testing in vehicles before 2025. reports citing Peter Lamp, BMW’s head of battery R&D, in an interview.

  • Solid Power is development agreements with Both BMW and Ford Motor Co (NYSE: F) and could win automotive supply contracts on goal accomplishment.

  • Lamp stated, “We have great teams on the Solid Power side and on the BMW side.” “If we move forward independently, it’s slower than if we work together.”

  • Solid Power went public through a reverse merge in 2021. Doug Campbell, co-founder stepped down as CEO In November. As the company searched for a permanent successor, interim CEO Chair David Jansen was appointed.

  • BMW spent $1.7 billion on its 2022 investments U.S. operations under its electromobility plan.

  • The investment includes $1 billion to make electric vehicles at the company’s US manufacturing plant in Plant Spartanburg (South Carolina) and $700,000,000 to build a new high voltage battery assembly facility near Woodruff, South Carolina.

  • The solid-state battery market was valued at $630.5 Million in 2021. This market is expected to continue growing at a 36.3% annual rate to reach $10.2 Billio in 2030. global demand for Electric Vehicles (EVs).

  • Price Action SLDP shares traded higher at $2.97, up 6.25% since Friday’s last check.

  • Photo Via Company

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