Solid Power (SLDP) 27th Annual Needham Growth Conference summary

Executive background and technology overview

• CEO has extensive experience in semiconductors and early-stage technology commercialization, including roles at Texas Instruments and eSolar.

• Focus is on all-solid-state batteries, which replace flammable liquid electrolytes with solid sulfide compounds for improved safety and performance.

• Sulfide electrolytes offer both electron and ionic conductivity, enabling efficient energy transfer and safety.

• Key advantages over lithium-ion include higher energy density, enhanced safety, and potential cost reductions at scale.

• Initial market focus is on electric vehicles (EVs), with plans to expand to other battery applications after solving scaling challenges.

Commercialization, scaling, and partnerships

• Scaling from small coin cells to 60 amp-hour cells has revealed new technical challenges at each stage; next target is 100 amp-hour cells for EVs.

• Thousands of A-grade cells have been produced, but mass production for the EV market requires hundreds of thousands.

• Partnerships with BMW and Ford focus on range, performance, safety, and system cost reductions.

• Business model is capital-light, centered on manufacturing and supplying electrolyte to both partnered and non-partnered OEMs.

• Over 15 companies have sampled the electrolyte, with several requesting custom modifications, indicating strong market interest.

Market strategy and global expansion

• Strategic expansion into Korea has established a local office, supporting SK On and providing access to talent and equipment expertise.

• Korea is prioritized due to its strong battery and EV OEM presence and ongoing competition with China and Japan in battery innovation.

• U.S. market sentiment is more cautious, while Asia is aggressively pursuing all-solid-state battery technology.

• Most business growth is expected from electrolyte sales, with royalties from cell partnerships as a minor revenue stream.

• The company is positioned to support aggressive OEM timelines, with primary commercialization expected around 2030.