Solid Power, Inc.
Solid Power, Inc. develops sulfide-based solid electrolyte materials and solid-state battery cell technology for electric vehicles and other advanced battery applications. The company is based in the United States and operates through research, development, licensing, and collaboration agreements with battery manufacturers and automotive OEMs.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSulfide-based electrolyte materials used in solid-state battery development and testing.
Research and development licenses that allow partners to develop cells using Solid Power technology.
Line installation, process support, and technical services tied to partner manufacturing programs.
Public funding tied to equipment installation and battery-material development programs.
Products
Reported · share of revenue- Non Government Contract88.1 %
- Government Contract11.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Solid Power sells primarily to Tier 1 battery manufacturers and automotive OEMs that are developing solid-state batteries for EVs. It also works with government agencies and research partners that fund or support battery-material development and pilot manufacturing. These customers buy the company’s electrolyte, licenses, and technical support to accelerate their own cell development programs.
Buy electrolyte, licenses, and technical support to develop solid-state cells and pilot manufacturing lines.
Evaluate and test solid-state battery technology for future vehicle integration and performance validation.
Provide contract and grant funding for equipment installation and battery-material development work.
Collaborate on cell design, testing, and process development to advance commercialization readiness.
Strategy
Solid Power’s strategy is to remain a technology developer rather than become a commercial cell manufacturer, while expanding partnerships with Tier 1 battery makers and OEMs. The company is focused on advancing electrolyte performance, validating its technology through partner programs, and building a path to commercialization through licensing and collaboration.
Partnerships validate the technology and create a route to commercialization without building a full cell-manufacturing business.
Performance, safety, cost, and manufacturability determine whether solid-state batteries can compete with lithium-ion alternatives.
Pilot-scale production helps prove that the technology can be manufactured consistently and transferred to partners.
Geography
Solid Power’s activities have been conducted primarily in the United States and the Republic of Korea. The company’s partner network includes U.S. and Korean battery-industry participants, which makes those markets central to development, testing, and commercialization efforts. Geography matters because pilot manufacturing, customer collaboration, and government funding are tied to specific facilities and regulatory environments.
Risks
Solid Power depends on successful technical development, partner adoption, and continued access to government and collaboration funding. The company also faces intense competition from established battery makers and other solid-state developers, any of which could commercialize earlier or with better economics.
- Technology development and commercialization failureImpact: CriticalLikelihood: High
The business depends on proving that its electrolyte and cell designs can be manufactured and adopted at scale.
Exposure - Customer and partner concentrationImpact: HighLikelihood: High
Revenue and validation depend on a small number of collaboration and licensing relationships.
Exposure - Government funding uncertaintyImpact: HighLikelihood: High
A portion of revenue and R&D support comes from contracts and grants that can be delayed or changed by policy.
Exposure: DOE and other public funding programs
- Competitive displacementImpact: HighLikelihood: Medium
Large battery and automotive companies may develop superior or earlier solid-state solutions.
Exposure: Global EV battery market
Accounting
Judgemental itemsRevenue is recognized as work is performed under R&D, license, and installation agreements, so timing can be uneven.
Impact: Affects quarterly revenue comparability and backlog visibility
Public funding supports R&D and equipment installation, and recognition depends on compliance with contract conditions.
Impact: Can shift reported revenue and offset R&D spending
The company is building production capabilities, so asset lives and recoverability depend on commercialization success.
Impact: Potential depreciation and impairment sensitivity
Employee compensation is a meaningful operating cost for a development-stage public company.
Impact: Impacts operating loss, equity dilution, and cash preservation
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Last updated: 24/09/2026