Solid Power, Ford extend battery development deal

Solid-state battery developer Solid Power (NASDAQ:SLDP) announced an amendment to its joint development agreement with Ford Motor (NYSE:F), extending their partnership until Dec. 31, 2025.

The agreement was initially established in Dec. 2018 and has been modified twice before this. It relates to the joint development of solid-state batteries for automotive applications.

Pursuant to the terms of the third amendment, Solid Power (SLDP) and Ford (F) agreed to extend the term of the agreement to Dec. 31, 2025 and revise certain deliverables and the schedule for delivery to Ford (F) during the extended term.

Based in Colorado, Solid Power develops solid-state battery technologies for the electric vehicles and other markets. The company sells its sulfide-based solid electrolyte and licenses its solid-state cell designs and manufacturing processes.

SLDP shares were up 2.75% Wednesday premarket.