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Industrial materials and energy · United States

Solid Power

solidpowerbattery.com ↗

Develops sulfide solid-state EV battery electrolyte and cells for licensing to major cell makers.

Protection under test
Assessed 25 July 2026 · Evidence as of 25 July 2026
Something worth protecting exists and is being tested right now.
On the recordSince 25 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: Q2 2026 earnings release, watch for commercial deal news versus continued grant revenue
The call

Solid Power is racing to turn grant-funded lab work into signed licensing deals before the same partners it depends on finish building their own solid-state batteries.

Solid Power is a company that designs special electrolyte materials for next-generation batteries and hopes to license the technology to major battery makers like SK On, Samsung, and LG. The challenge is that these same companies are not waiting around: they are building their own solid-state battery programs in their own factories, which means they may never need to pay Solid Power for permission to use its designs. The company has burned through investor cash for over a decade with mostly grant money and milestone payments rather than real sales, and it keeps asking shareholders for more money through stock offerings, which waters down what current shareholders own. Everything hinges on whether a major battery maker like SK On or Samsung will actually sign a real contract to buy from Solid Power's factory (expected 2029 or later) instead of just testing the technology and then making it themselves.

Why
01
AI pressure: AI-driven materials discovery tools (e.g. DeepMind's GNoME, Microsoft's MatterGen). Faster AI-aided electrolyte discovery could let SK On, Samsung SDI or LG find their own chemistry, skipping a license from Solid Power. Could AI do the core job? Unlikely.
02
Bigger players: SK On, Samsung SDI, LG Energy Solution, Panasonic. Each partner is also running its own in-house solid-state program, so today's joint development deal could become tomorrow's competitor. Could a giant copy it? Yes, easily.
03
What protects it. DOE-backed grants, existing JDAs like the SK On line installation deal, and $435.3M in cash bought time to prove the technology before rivals finish their own.
What would change this call
Whether SK On, Samsung SDI or LG Energy signs a binding priced supply/license deal with Solid Power by end of 2027. Would show a major cell maker chose Solid Power's chemistry over its own in-house program.
Whether Korea electrolyte JV converts from 'exploring' to a signed deal with capex and offtake by end of 2026. Would show licensing thesis gaining commercial traction rather than stalling.
Whether Solid Power issues further ATM or direct equity raises in 2026-2027 without new commercial contracts. Would show continued dilution without matching customer commitment progress.
Key numbers
  • FY2025 revenue and grants: $21.7M (2025-12-31)
  • FY2025 net loss: $93.4M (2025-12-31)
  • Total liquidity: $435.3M (2026-03-31)
Named risks
  • Ongoing dilutive equity raises (ATM, direct offerings) to fund operations erode shareholder value. Severity: high
  • Pre-commercial revenue model with SK On SOP not targeted until 2029. Severity: high
  • Key partners (SK On, Samsung SDI, LG) run parallel in-house solid-state programs that could bypass licensing. Severity: medium
  • Stock highly correlated to sector sentiment, falling even on positive peer news (2026-07-23). Severity: medium
  • 2026 cash burn guided at $85-100M against a still-small revenue base. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
QuantumScapegaining onVW/PowerCo backed, shipping QSE-5 B1 samples, new Honda and AI-datacenter deals announced 2026-07-23
SK OncontestingBoth a licensing partner and in-house solid-state developer; targets own SOP for 2029
Samsung SDIcontestingSigned only a joint evaluation agreement in 2025 while pursuing its own solid-state program
Chinese makers (WeLion, QingTao)gaining onChina holds ~83% of global solid-state manufacturing capacity per BloombergNEF, 2026-07-10
Questions people ask
Is Solid Power profitable in 2026?
No. Solid Power posted a FY2025 net loss of $93.4M on just $21.7M revenue and grant income (as of 2025-12-31). Q1 2026 loss narrowed to $13M on $3.1M revenue, still far from profitability, with 2026 cash burn guided at $85-100M.
Who is Solid Power's biggest competitor?
QuantumScape (NYSE: QS) is the closest Western peer, backed by VW/PowerCo, shipping QSE-5 B1 samples and announcing a new Honda partnership in July 2026. Solid Power also depends on partners like SK On and Samsung SDI who run competing in-house solid-state programs.
Could AI replace Solid Power's work?
Unlikely soon. Solid Power's core work is wet-lab sulfide electrolyte chemistry and physical pilot-line manufacturing, a materials-science and hardware process largely untouched by generative AI, though AI-assisted discovery could speed up rivals' R&D timelines too.
Is it safe to take a job at Solid Power?
Headcount fell from a 2023 peak of 270 to 230 by end of 2025. The company guided 2026 cash burn of $85-100M and relies on dilutive stock sales, but held $435.3M liquidity as of 2026-03-31 after a $121.3M direct offering, giving it runway.
Who owns Solid Power?
Solid Power (Nasdaq: SLDP) is publicly traded with no parent company. It went public via SPAC merger with Decarbonization Plus Acquisition Corp III in December 2021, after a 2021 $135M Series B led by BMW Group and Ford Motor Company.
When will Solid Power's batteries actually be in cars?
Not soon. SK On, one of Solid Power's key partners, targets start of production in 2029, per Solid Power's own 2025 full-year results (2026-02-24). BMW has only shown a test i7 vehicle with Solid Power cells at 390 Wh/kg as of July 2026.
Timeline
  • 2026-07-23SLDP falls alongside QuantumScape and SES AI despite QuantumScape/Honda news, showing sector-sentiment sensitivity
  • 2026-05-04Q1 2026 results: $3.1M revenue, $13M net loss, $435.3M liquidity after direct offering
  • 2026-03-31Site acceptance testing completed for SK On pilot cell manufacturing line in South Korea
  • 2026-02-24FY2025 results: $21.7M revenue, $93.4M net loss, ATM raised $88.8M net
  • 2025-12-31Joint evaluation agreement announced with Samsung SDI and BMW for ASSB development
  • 2024-09-19Selected for up to $50M DOE award to build continuous electrolyte production line
  • 2021-12-08Solid Power completes SPAC merger with Decarbonization Plus Acquisition Corp III, lists as SLDP
  • 2021-06-15Raises $135M Series B led by BMW Group and Ford Motor Company at roughly $1.2B SPAC valuation
  • 2011-01Company founded as spin-out from University of Colorado Boulder DARPA-funded battery research
Revision history
25 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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