Two automotive veterans – with nearly 50 years of experience – join Board following $130M Series B investment
LOUISVILLE, Colo. – Solid Power, an industry-leading producer of all-solid-state batteries for electric vehicles, today announced the appointment of Ted Miller and Rainer Feurer to its Board of Directors. Ted Miller was appointed by Ford Motor Company (NYSE: F), while Rainer Feurer was appointed by the BMW Group (BMW.DE). The BMW Group and Ford were lead investors in Solid Power’s recently announced $130 million Series B investment round.
Ted Miller currently serves as Manager of Electrification Subsystems and Power Supply Research with global responsibility for Ford battery technology research and development. Mr. Miller is a 25-year veteran of Ford Motor Company with prior lithium battery experience at SAFT America.
Rainer Feurer currently serves the BMW Group as Member of the Board of Directors/Supervisory Board of several joint-ventures such as BMW Brilliance Automotive, Spotlight, HERE Technologies as well as YOUR NOW. Mr. Feurer has a 23-year career at the BMW Group and holds at present the position as SVP of Corporate Investments.
“Ford Motor Company and the BMW Group have been important strategic partners for Solid Power,” said Doug Campbell, CEO and co-founder of Solid Power. “Both Ted and Rainer will bring their exceptional credentials in corporate strategy and power system development to Solid Power.”
“Being a leader in advanced battery technology is of the utmost importance for the BMW Group as we enter the next phase of our electrification strategy. Since 2016 we have partnered with Solid Power on the development of all-solid-state batteries with the goal of creating more efficient and more sustainable electric vehicles based on this future battery technology,” said Rainer Feurer on Thursday. “A major next step will come in 2022 with the delivery of full-scale 100 Ah cells by Solid Power. Following that, the next key milestone for BMW will be our demo car, which will hit the road well before 2025. I am looking forward to stepping into this next development stage as a new member of Solid Power’s Board of Directors.”
“Ford is committed to lead the electric revolution, and I am delighted to join the board of Solid Power on Ford’s behalf,” Miller said. “We are excited about our ongoing partnership with Solid Power and are increasing our investment and engagement to accelerate the commercialization of solid-state battery technology. This will further enhance the EV customer experience and help us create must-have vehicles.”
Alongside the Series B investment, Ford and the BMW Group recently announced expanded joint development agreements with Solid Power to secure all-solid-state batteries for future electric vehicles. The BMW Group and Ford aim to utilize the company’s low-cost, high-energy all-solid-state battery technology in forthcoming electric vehicles.
The company’s all-solid-state platform technology allows for the production of unique cell designs expected to meet performance requirements for each of Solid Power’s automotive partners. Its truly all-solid cell designs achieve higher energy densities, are safer and are expected to cost less than today’s best-performing lithium-ion battery cells.