Completed Site Acceptance Testing with SK On
Completed site acceptance testing (SAT) in early April for the SK On line installation agreement, transitioning operation of the line to SK On and positioning Solid Power to support their cell development and move toward a long-term electrolyte supply agreement.
Global Deployment of Cell Production Lines
Technology is now deployed on cell production lines across three continents: Solid Power facilities in Colorado, BMW's facility in Germany, and SK On's facility in Korea, demonstrating international partner traction and real-world line installations.
Revenue and Grant Income Recognized
Generated $3.1 million of revenue and grant income in Q1 2026, primarily from the SK On site-acceptance milestone and performance on the U.S. Department of Energy assistance agreement.
Progress on Continuous Electrolyte Pilot Line (SP2.5)
Factory acceptance testing for all key equipment is complete and construction of the continuous electrolyte manufacturing pilot line is underway; company expects the line to be commissioned by the end of 2026 and to enable transition from batch to continuous processing with expected cost and yield benefits.
Strategic Customer and Development Engagements
Provided electrolyte to Samsung SDI under the three-way joint evaluation agreement with BMW and continued sampling with additional customers; maintains an R&D electrolyte supply agreement with SK On and is advancing process/product development via the Electrolyte Innovation Center (EIC).
Strong Liquidity and Recent Capital Raise
Ended the quarter with total liquidity of $435.3 million, which includes net proceeds of $121.3 million raised via a registered direct offering in January, supporting continued technology development and SP2.5 construction.
Exploring Commercial-Scale Partnerships in Korea
Actively evaluating potential partners and a possible partnership to build a 500 metric ton electrolyte production facility in Korea to address anticipated demand, reflecting focused market strategy where demand is strongest.