Solid Power Inc, the Ford and BMW-backed US producer of all-solid-state batteries for electric vehicles, is to merge with Decarbonization Plus Acquisition Corporation III. DPAC, a decarbonisation focused SPAC, describes itself as a blank check company targeting businesses that advance the objectives of global decarbonisation. The combined company will be named Solid Power, Inc, with a pro forma implied enterprise value of $1.2 billion.

Ford and BMW recently participated in previously announced $135 million Series B financing in Solid Power. Both automakers aim to use Solid Power‘s low-cost, high-energy battery technology in forthcoming electric vehicles.

Solid Power’s all-solid-state batteries could provide a near 500-mile vehicle range on a single charge, which is 50 to 75 percent greater than any commercially available lithium-ion battery today.

Doug Campbell, Co-Founder and Chief Executive Officer of Solid Power, says, “Today marks an important milestone of commercialising Solid Power’s next generation all-solid-state batteries that can alleviate the two largest passenger EV pain points: range anxiety and cost. In addition to our existing partners, Ford and BMW, we are now excited to partner with the DCRC team that shares our vision of powering a cleaner, safer and cost-effective electric future.”

Robert Tichio, Chairman of the Board of DCRC and Partner at Riverstone Holdings LLC, adds, “Solid-state batteries have long been the elusive technology breakthrough in the battery category for the better part of a decade. Countless labs, scientists, ventures and corporates have claimed progress towards scalable solid-state batteries, with an emphasis on claims. No other known company has made the type of commercialisation achievements in all-solid-state batteries that Solid Power has, and Solid Power’s technology is built around a manufacturing process that would be indistinguishable to lithium-ion batteries, putting this company in a league of its own.”