Here are 1-3 brief analogies for Solid Power (SLDP):

• Like a Qualcomm or Intel for next-generation electric vehicle batteries, providing advanced component technology to manufacturers.
• Similar to Corning for next-generation electric vehicle batteries, developing and supplying critical, advanced material components.
• The ARM Holdings of solid-state battery technology, aiming to license or supply foundational designs for future EVs.

• All-Solid-State Battery Cells: Solid Power designs and develops all-solid-state battery cells, primarily for electric vehicle applications, which offer enhanced safety, energy density, and lifespan by replacing liquid electrolytes with a solid material.

Solid Power (SLDP) primarily sells its solid-state battery technology and cells to other companies, particularly major automotive manufacturers, for integration into future electric vehicles. This makes it a business-to-business (B2B) company.

Its major customer companies include:

• BMW Group (Symbol: BMW.DE)
• Ford Motor Company (Symbol: F)

null

John Van Scoter, Chief Executive Officer, President and Class I Director

Mr. Van Scoter joined Solid Power as Chief Executive Officer, President, and a Class I Director in June 2023. Prior to Solid Power, he served as Vice President, General Manager Products at SRI International Inc. from 2019 until June 2023. He was also the CEO, President, and Chairman of eSolar, Inc., an early-stage solar power plant technology company, from 2010 until 2018, where he spearheaded the development of low-cost, utility-scale solar technology and transformed the company's business model for commercial viability. He held multiple leadership positions during an almost 30-year career with Texas Instruments, including Senior Vice President, Alternative Energy Strategy. He has served on both public and private boards including TE Connectivity, eSolar, SRI spin-out Princeton Identity, and Averatek.

Linda Heller, Chief Financial Officer and Treasurer

Ms. Heller has served as Solid Power's Chief Financial Officer and Treasurer since June 2024. Before joining Solid Power, she was the Chief Financial Officer of Swell Energy, Inc., a distributed solar energy resource company, from May 2021 until June 2024. Her prior experience also includes serving as Chief Financial Officer and Corporate Secretary of Deca Technologies, Inc., a wafer technology company, from 2017 to 2020, and as Chief Financial Officer of eSolar, Inc. from 2013 to 2017. She has held senior finance roles at various renewable and semiconductor companies over the past 15 years.

Josh Buettner-Garrett, Chief Technology Officer

Mr. Buettner-Garrett serves as Solid Power's Chief Technology Officer.

Ramelle Gilliland, EVP of Strategic Supply Chain Management

Mr. Gilliland is the EVP of Strategic Supply Chain Management at Solid Power.

Derek Johnson, Chief Operating Officer

Mr. Johnson has served as Solid Power's Chief Operating Officer since January 2020. He will step down from his position effective February 1, 2025, and will transition into a consulting role until May 1, 2025. From September 2016 to January 2020, he was the Vice President of Global Research and Development at A123 Systems, a developer and manufacturer of lithium-ion batteries and energy storage systems for automotive applications. His responsibilities at A123 included new technology development, intellectual property generation, and production strategy. Mr. Johnson holds a Ph.D. in Chemical and Biological Engineering from Colorado State University.

The key risks to Solid Power's (SLDP) business include significant financial challenges and an extended path to profitability, substantial hurdles in scaling production and commercializing its solid-state battery technology, and intense competition within the battery market.

1. Financial Challenges and Path to Profitability: Solid Power is currently an R&D stage company with a history of financial losses, incurring significant operating expenses and a high cash burn rate. The company is not yet profitable and is expected to continue experiencing losses for the foreseeable future. There are concerns regarding its financial stability, revised revenue expectations, and the potential for future shareholder dilution through equity offerings as existing cash reserves are depleted.
2. Production and Commercialization Challenges of Solid-State Batteries: A major risk for Solid Power is the unproven nature of mass-scale manufacturing for its solid-state battery technology. The company operates at a pilot production scale, facing substantial technical and logistical hurdles in scaling up its infrastructure, achieving manufacturing efficiency, and meeting cost-effectiveness targets required for global competition. Challenges include designing stable production processes, addressing defectivity (such as dendrite growth), and potential delays in increasing production capacity.
3. Intense Competition and Market Adoption: Solid Power operates in a fiercely competitive industry, facing competition from both established battery manufacturers and other startups developing advanced battery technologies. While the company has strategic partnerships with automotive giants like Ford and BMW, these partners are also exploring multiple battery avenues, indicating non-exclusive relationships. The risk exists that rivals could advance their technology or achieve commercialization faster, and that widespread market adoption of solid-state batteries, and Solid Power's specific offerings, may not materialize as anticipated.

The aggressive development and potential for early mass-market commercialization of solid-state battery technology by major automotive OEMs and established battery manufacturers. Notably, Toyota has publicly announced significant advancements in its solid-state battery technology, including breakthroughs in durability and a projected commercialization timeline potentially as early as 2027-2028, with aims for broader application and licensing. Given Toyota's scale, manufacturing prowess, and existing supply chains, successful internal development and deployment of solid-state batteries could significantly reduce the market opportunity for independent solid-state battery suppliers like Solid Power, potentially establishing an industry standard or dominating market share before Solid Power can scale its own technology.

Solid Power (SLDP) primarily operates in the market for all-solid-state batteries, which are developed for electric vehicles and energy storage.

The global addressable market for solid-state batteries is substantial and projected for significant growth:

• One estimate projects the global solid-state battery market to surge from USD 1.14 billion in 2024 to USD 56.05 billion by 2035, at a Compound Annual Growth Rate (CAGR) of 42.5%.
• Another analysis indicates the global market size was valued at USD 1.13 billion in 2024 and is expected to grow at a CAGR of 56.0% from 2025 to 2034.
• Further projections estimate the global market to grow from USD 1.03 billion in 2024 to USD 5.24 billion in 2032, with a CAGR of 22.56% from 2025 to 2032.
• Additional data suggests the global solid-state battery market size was USD 98.96 million in 2024 and is forecast to reach USD 1,359.18 million by 2032, with a CAGR of 41.61% from 2025 to 2032.

Specifically for the U.S. market, focusing on solid-state battery materials:

• The U.S. solid-state battery materials market generated a revenue of USD 179.1 million in 2024 and is anticipated to reach USD 1,951.9 million by 2033, exhibiting a CAGR of 30.4% from 2025 to 2033.
• In 2024, the U.S. accounted for 19.3% of the global solid-state battery materials market.

Solid Power (SLDP) is expected to experience significant revenue growth over the next 2-3 years, driven by several key factors:

1. Advancement and Commercialization through Strategic Partnerships: Solid Power's revenue is currently, and is expected to continue to be, driven by its agreements with major industry players like SK On. The company has successfully met its 2024 milestones with SK On and anticipates completing site acceptance testing for the SK On pilot cell line by the end of 2025. Furthermore, a significant Joint Evaluation Agreement with Samsung SDI and BMW aims to advance all-solid-state battery technology, including supplying sulfide-based solid electrolytes to Samsung SDI. These partnerships are critical for scaling commercialization efforts and generating future revenue.
2. Expansion of Electrolyte Production Capabilities: A major driver for future revenue is the company's focus on expanding its capacity for sulfide-based solid electrolyte materials. Solid Power was selected to negotiate a $50 million grant from the U.S. Department of Energy (DOE) to support continuous production of these materials. The company also plans to commission the first pilot line for continuous manufacturing of sulfide-based cell and electrolyte materials in 2026, which is crucial for meeting anticipated market demand.
3. Development and Launch of Advanced Cell Designs: The company is actively progressing its A-2 cell design to address performance improvements over its A-1 design. Testing of these A-2 cells is slated for early 2025. Successful development and eventual commercialization of these advanced battery cell designs could open up new revenue streams and enhance their competitive position.
4. Broadening Market Reach through Electrolyte Sampling Programs: Solid Power is committed to expanding its electrolyte capabilities and market penetration through increased production and a robust sampling program. This initiative aims to attract new customers and solidify its position as a key supplier of solid-state battery materials.

Share Repurchases

• In January 2024, Solid Power announced a $50 million share repurchase authorization.
• For the second quarter of 2025, Solid Power repurchased $3.592 million of common stock.
• Year-to-date 2025, as of the second quarter, share repurchases totaled $8.274 million.

Share Issuance

• Solid Power raised net proceeds of $32.9 million through sales of shares of common stock under an at-the-market offering program during the third quarter of 2025.
• On September 5, 2025, Solid Power announced an agreement to offer shares of common stock worth up to $150 million through an equity distribution program.
• As of September 30, 2025, $115.9 million remained available under the at-the-market program.

Inbound Investments

• Solid Power secured a substantial grant from the Department of Energy (DOE) to boost its electrolyte manufacturing capabilities, with grant activity contributing $2.8 million year-to-date in 2025 under an agreement of up to $50 million.
• The company announced a Joint Evaluation Agreement with Samsung SDI and BMW to progress the development of all-solid-state batteries, involving Solid Power supplying sulfide-based solid electrolyte.

Capital Expenditures

• Solid Power expects its 2025 cash investment, which includes capital expenditures, to be in the range of $85 million to $95 million.
• Year-to-date 2025 capital expenditures totaled $5.6 million as of September 30, 2025.
• These expenditures are primarily focused on the construction of the company's continuous electrolyte production pilot line.