SK innovates and cooperates with Solid Power to develop and produce all-solid-state batteries.

SK Innovation signed a joint development agreement and memorandum of understanding with Solid Power, a leading US all-solid-state battery development company, on October 28th, 2021. The commitment to invest $30 million in Solid Power aims to develop all-solid-state batteries with an energy density of at least 930Wh/L.

All-solid-state batteries are expected to be about 33% higher than existing lithium-ion batteries, which can reduce investment costs and facility construction time by producing all-solid-state batteries from existing lithium-ion battery factories.

Solid Power CEO Doug Campbell (Doug Campbell) "by working with SK Innovation, the global leader in lithium-ion battery production, we can demonstrate that our battery design and process are scalable and compatible with existing lithium-ion production technologies."

Dr. Lee Seongjun, Chief Technology Officer of SK Innovation, said: "with SK Innovation's cutting-edge battery technology, the partnership with Solid Power will help us develop future battery technology and contribute to the ecosystem of the battery industry."

SK Innovation announced today that it will cooperate with Solid Power, a leading developer in the all-solid-state battery industry, to develop all-solid-state batteries on October 28th, 2021, in accordance with the Memorandum of understanding ("MoU") and the Joint Development Agreement ("JDA"). SK Innovation also pledged to invest US $30 million (about 35.325 billion won) to acquire shares in Solid Power.

Solid Power is a leading developer of all-solid-state batteries. In addition to SK Innovation, many large global car companies, including Ford and BMW, have recognized Solid Power's all-solid-state battery development and production technology and have invested in the company.

All-solid-state batteries use solid electrolytes instead of liquid electrolytes used in lithium-ion batteries or gel electrolytes used in hybrid batteries. The advantage of using solid electrolytes instead of liquids or gels is obvious because it can significantly reduce the risk of fire. Because the all-solid state also reduces the weight and volume of the battery, it can exceed the current capacity limit of lithium-ion batteries.

According to JDA, the two companies are committed to producing all solid-state batteries using NCM (nickel, cobalt, manganese) cathode materials and high content silicon anode materials for lithium-ion batteries. These materials are expected to achieve 930Wh/L or higher target energy density. If achieved, this means that the performance is about 33% higher than the current lithium-ion battery. In other words, assuming the same battery size, an electric vehicle that can travel 700 kilometers on a single charge can travel 930 kilometers on a new all-solid-state battery.

The two companies also plan to verify that, Solid Power's all-solid-state batteries can be made on existing lithium-ion battery manufacturing equipment, avoiding expensive and time-consuming reprocessing by battery manufacturers. According to JDA,Solid Power, all solid-state batteries will be produced using a factory owned by SK On, a subsidiary of SK Innovation's battery business.

Through this partnership, SK Innovation can establish a solid foothold in the all-solid-state battery market, in addition to, SK Innovation's unwavering position in the lithium-ion battery market and the world's top order backlog in the electric vehicle battery market.

Solid Power has produced a prototype of an all-solid-state battery on a pilot production line at its headquarters in Louisville, Colorado. The company also produces sulphide-based solid electrolytes at its headquarters and recently announced that it will increase electrolyte production capacity at its new plant in Thornton, Colorado. SK Innovation plans to work with Solid Power to further develop Solid Power's existing all-solid-state battery development technology by increasing energy density and jointly addressing commercial technology challenges.

Doug Campbell (Doug Campbell), CEO and co-founder of Solid Power, said: "the partnership with SK Innovation is designed to validate the scalability of Solid Power's all-solid-state production process and to be compatible with existing lithium-ion production technologies." "the ability to work with the world's leading lithium-ion battery manufacturers is key to our market strategy and meeting expected demand."

Dr. Lee Seongjun, Chief Technology Officer of SK Innovation, said: "SK Innovation's battery business expands the industrial ecosystem by developing technologies and battery products that provide the safest and best performance." . He added: "We will work with solid Power to develop high-performance all-solid-state batteries, and we believe that solid Power has the best all-solid-state battery technology in the world and will be a leader not only in the lithium-ion battery market, but also in the all-solid-state battery market in the future." .