Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Colorado-based Solid Power, Inc. (Nasdaq: SLDP), an industry-leading developer of next-generation all-solid-state battery technology, plans to expand its presence in the state.
“We are thrilled that Solid Power will continue to grow in Colorado, creating new jobs in the renewable energy industry. Companies like Solid Power are helping drive innovation in our state and will play a key role in helping us reach our clean energy goals and achieve 100% renewable energy by 2040,” said Governor Polis.
A uniquely Colorado success story, Solid Power was founded in 2011 and grew out of research at the University of Colorado Boulder. In 2021, the company went public and listed on NASDAQ. Solid Power is known for its work with BMW, Ford, and SK On. Most recently it was selected by the U.S. Department of Energy (DOE) to begin award negotiations for up to $50 million in federal funding to install the first globally-known continuous manufacturing process of sulfide-based solid electrolyte materials for advanced all-solid-state batteries (ASSBs) and expand its electrolyte production capabilities at its Thornton, Colorado facility. These materials help create batteries needed for electric vehicles. Colorado is among the top states for EV adoption in the nation, with more than 22% of new cars sold being electric.
Solid Power is committed to supporting the transition to renewable energy by developing ASSBs that are expected to have longer life, be safer, and cost less than current lithium-ion batteries. The company chose Colorado for expansion of up to 40 new jobs because of the state’s talent pipeline and the collaborative network of higher education and research institutions.
“We are excited to continue expanding our technology development in Colorado,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “As part of the DOE, State of Colorado, and City of Thornton funding, Solid Power will prioritize employee welfare and safety, community engagement, and benefits to local communities, and we look forward to partnering with various groups in Thornton to add talent and advance our goals.”
With this expansion, Solid Power expects to create up to 40 net new jobs at an average annual wage of $77,823.90, which is 111% of the average annual wage in Adams County. The positions will include production operators, chemists, and engineers. Solid Power is also partnering with local institutions such as Northglenn High School, Front Range Community College, and Metropolitan State University of Denver for internship programs, as well as a partnership with the local Adams 12 school district.
“Solid Power is a true Colorado success story, who’s next chapter will advance the technologies of tomorrow and create new good jobs for Coloradans. That’s a win for our state and the nation, as we look forward toward a more renewable future,” said OEDIT Executive Director Eve Lieberman.
The State of Colorado supported Solid Power’s early growth with an Advanced Industries Accelerator grant in 2014, offered through OEDIT’s Global Business Development division to support the development of early-stage technologies.
To support the company’s upcoming expansion, the Colorado Economic Development Commission approved up to $160,000 in a performance-based Strategic Fund incentive over an eight-year period, at $4,000 per net new job. These incentives are contingent upon Solid Power, referred to as Project Maverick 2024 throughout the OEDIT review process, meeting net new job creation and salary requirements.
“The City Council and I are always delighted to hear that a company in our city is thriving so much that they need to expand their operations here,” says Thornton Mayor Jan Kulmann. “We look forward to the continued growth of Solid Power here in our community. This exciting opportunity for new job development and advanced technologies in the solid-state battery industry further shows Thornton is an attractive destination for business.”
“The creation of up to 40 new STEM jobs paying above the annual average wage is wonderful news for the Adams County business community and our residents,” says Board Chair for Adams County Commissioners, Emma Pinter. “Adams County continues to focus on innovative and inclusive initiatives to bring smart growth and opportunities to the area.”
In addition to Colorado, Solid Power considered Columbia, South Carolina, for exemption.
About Solid Power, Inc
Solid Power is developing solid-state battery technology to enable the next generation of batteries for the fast-growing EV and other markets. Solid Power’s core technology is its electrolyte material, which Solid Power believes can enable extended driving range, longer battery life, improved safety, and lower cost compared to traditional lithium-ion. Solid Power’s business model – selling its electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes – distinguishes the company from many of its competitors who plan to be commercial battery manufacturers. Ultimately, Solid Power endeavors to be a leading producer and distributor of sulfide-based solid electrolyte material for powering both EVs and other applications. For more information, visit http://www.solidpowerbattery.com/.
About OEDIT’s Global Business Development Division
Global Business Development (GBD) is a division of the Colorado Office of Economic Development and International Trade. GBD supports Colorado businesses and communities by using a data-driven approach to recruit, support, and retain businesses that contribute to a robust and diversified economy. We align our portfolio of programs, services, and incentives with industries that benefit Colorado companies and elevate the state’s national and international competitiveness. GBD also hosts foreign delegations and participates in trade and investment missions around the world to strengthen global awareness of Colorado. With a highly educated and motivated workforce, a thriving innovation economy, and nation-leading entrepreneurial spirit, Colorado is a top market for business development.