DCRC Decarbonization Plus Acquisition Corporation III

Solid Power, Inc., an industry-leading developer of all-solid-state battery cells for electric vehicles, in the process of merging with Decarbonization Plus Acquisition Corporation III ("DCRC") (NASDAQ: DCRC), today announced an award from the Intelligence Advanced Research Projects Activity (IARPA) for a multi-phase, multi-year research contract to develop nickel- and cobalt-free all-solid-state battery cells. Solid Power expects to receive up to $12.5M to complete the project through the life of the contract.

During the IARPA Robust Energy Sources for Intelligence Logistics in Extreme Novel and Challenging Environments (RESILIENCE) project, Solid Power plans to collaborate with the University of Maryland to develop a nano-scale iron sulfide pyrite (FeS2) cathode that is largely comprised of iron and sulfur.

Solid Power’s objective is to produce multi-layer cells meeting intelligence application needs for high energy density, high power density, long calendar life, quiet operation, and robustness to extreme environmental conditions. This effort leverages Solid Power’s next generation advanced cathode formulation, which has the potential to cut cathode active material cost by over 90 percent. The IARPA award substantiates the flexibility of Solid Power’s All-Solid-State Platform technology, which can enable high energy electrode materials not suitable in lithium-ion or other liquid-based cell architectures and provides an opportunity to demonstrate the potential benefits of next-generation chemistries ahead of introduction into automotive applications.

“The transition to a pyrite cathode could provide a massive cost advantage over traditional lithium-ion batteries at the cell level, while providing very high specific energy that can serve a range of applications,” said Doug Campbell, CEO and co-founder of Solid Power. “The IARPA RESILIENCE program is a natural fit for Solid Power given our history working with this chemistry.”

“Iron sulfide cathodes have been a focus area at Solid Power dating back to research at the University of Colorado Boulder,” said Josh Buettner-Garrett, Chief Technology Officer at Solid Power. “Not only is the material low-cost, but it can also enable long calendar life applications while delivering extremely high cell-level specific energies that liquid-containing batteries are unlikely to be able to achieve even with a lithium metal anode.”    

As announced on June 15, 2021, Solid Power has entered into a definitive agreement for a business combination with DCRC, a publicly traded special purpose acquisition company (“SPAC”), that would result in Solid Power becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the fourth quarter of 2021.

Forward Looking Statements

The information herein includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Solid Power’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. All statements, other than statements of present or historical fact included herein, are forward-looking statements, including statements regarding Solid Power’s ability to complete the planned research at the timing and expense currently anticipated and the expected benefits of the technology that Solid Power intends to develop. When used herein, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Solid Power cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Solid Power. In addition, Solid Power cautions you that the forward-looking statements contained herein are subject to the following factors: (i) changes in applicable laws or regulations; (ii) rollout of Solid Power’s business plan and the timing of expected business milestones, (iii) the effects of competition on Solid Power’s business, (iv) supply shortages in the materials necessary for the production of Solid Power’s products, (v) risks related to original equipment manufacturers and other partners being unable or unwilling to initiate or continue business partnerships on favorable terms, (vi) the termination or reduction of government clean energy and electric vehicle incentives, (vii) delays in the construction and operation of production facilities, (viii) changes in domestic and foreign business, market, financial, political and legal conditions, and (ix) the possibility that Solid Power may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described herein, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.

About Solid PowerSolid Power is an industry-leading developer of all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. As a result, Solid Power's all-solid-state battery cells are expected to be safer and more stable across a broad temperature range, provide an increase in energy density compared to the best available rechargeable battery cells, enable less expensive, more energy-dense battery pack designs and be compatible with traditional lithium-ion manufacturing processes. For more information, visit http://www.solidpowerbattery.com/.

Contact Information

For Media: Will McKenna Marketing Communications Director (720) 598-2877 press@solidpowerbattery.com

For Investors: investors@solidpowerbattery.com

Website: www.solidpowerbattery.comTwitter: https://twitter.com/SolidPowerIncLinkedIn: https://www.linkedin.com/company/solid-power

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a658736a-023d-4cbf-a9c2-5ef3227da13f