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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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Exclusive: Ford, BMW lead $130 million investing round in solid-state battery startup

05/03/2021 | 01:03pm EDT
A Solid Power manufacturing engineer holds two 20 ampere hour (Ah) all solid-state battery cells for the BMW Group and Ford Motor Company

DETROIT (Reuters) - Ford Motor Co and BMW AG are leading a $130 million funding round in a solid-state battery startup, Solid Power, as carmakers push to lower the cost of electric vehicles by investing in the development of affordable but powerful rechargeable batteries, the companies said on Monday.

The Series B investment round, which includes venture capital firm Volta Energy Technologies, allows Solid Power to expand in-house manufacturing capabilities and positions the battery maker to eventually supply future EVs, possibly by the end of the decade according to BMW battery cell technology chief Peter Lamp. Solid Power declined to say at what level the funding round values the company.

"The partnerships and the capital that comes along with it are really going to put us on a good footing to execute on our road map, which simply speaking is qualifying this technology for vehicle use and getting them into vehicles in the not-too-distant future," Solid Power Chief Executive and co-founder Doug Campbell said in an interview.

Carmakers are racing to develop EVs amid tightening CO2 emission standards in Europe and China.

Solid-state battery technology involves a high-capacity energy storage device that improves on lithium-ion batteries, replacing the liquid or gel-form electrolyte with a solid, conductive material. Among other benefits, the new technology offers more energy density and better safety due to a lack of flammable components. Solid Power has said its technology can deliver 50% more energy density than current lithium-ion batteries.

However, solid-state battery technology is more expensive than lithium-ion cell technology. It also must prove it can operate and remain durable in the real world, and must increase its scale to meet industry demand.

Monday's announcement marks the second investment in Solid Power for Ford and Volta Energy. Both participated in the $26 million Series A round in 2018 that included Hyundai Motor Co and Samsung Electronics.

"We've been working with more than a dozen different startups in this space and we've been most impressed with the progress that Solid Power has made," Hau Thai-Tang, Ford's chief product platform and operations officer, said.

Solid Power, based near Denver, raised $5 million in convertible debt from BMW iVentures earlier this year. Its partnership with the German automaker began in 2016.

Following the latest investments, Ford and BMW will own equal, unidentified stakes in Solid Power, which was established in 2012 as a spinout from the University of Colorado Boulder, Campbell said.

Ford is pushing to electrify key models in its lineup, including the Transit van late this year and F-150 pickup mid-2022, and already sells the all-electric Mustang Mach-E SUV. It previously said it will invest $22 billion in electrification through 2025.

By the end of 2021, BMW aims to have five fully electric models available across the BMW and MINI brands, and it said by 2023 it will have fully electric models available for almost all of its market segments.

Toyota Motor Corp, which has called the technology a "game changer," plans to introduce solid-state batteries on an electrified platform by 2025.

Another solid-state battery startup is Volkswagen-backed QuantumScape, which aims to introduce its battery in 2024. It went public last year through a reverse merger with a special-purpose acquisition company (SPAC).

Campbell declined to say whether Solid Power is exploring going public with a SPAC.

(Reporting by Ben Klayman in Detroit; Editing by Matthew Lewis and Nick Zieminski)

By Ben Klayman


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG 0.30% 83.64 Delayed Quote.15.80%
HYUNDAI MOTOR COMPANY 0.22% 224000 End-of-day quote.16.67%
SAMSUNG ELECTRONICS CO., LTD. -0.49% 81900 End-of-day quote.1.11%
TOYOTA MOTOR CORPORATION 0.01% 8364 End-of-day quote.5.11%
VOLKSWAGEN AG -0.78% 210.75 Delayed Quote.38.27%
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Financials
Sales 2021 116 875 B 105 B 105 B
Net income 2021 5 607 B 5,03 B 5,03 B
Net Debt 2021 70 246 B 63,0 B 63,0 B
P/E ratio 2021 9,87x
Yield 2021 1,74%
Capitalization 47 434 B 42 633 M 42 549 M
EV / Sales 2021 1,01x
EV / Sales 2022 0,92x
Nbr of Employees -
Free-Float 71,0%
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Mean consensus BUY
Number of Analysts 29
Average target price 301 758,62 KRW
Last Close Price 224 000,00 KRW
Spread / Highest target 47,3%
Spread / Average Target 34,7%
Spread / Lowest Target -37,5%
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Managers and Directors
NameTitle
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Albert Biermann Co-President & Director
Eon-Tae Ha Co-President & Director
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
Byung-gook Lee Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
HYUNDAI MOTOR COMPANY16.67%42 633
TOYOTA MOTOR CORPORATION5.11%215 442
VOLKSWAGEN AG38.27%146 566
DAIMLER AG27.03%95 451
GENERAL MOTORS COMPANY41.67%85 575
BMW AG15.80%66 050