2023-03-08 15:53:49 ET
Solid Power ( NASDAQ: SLDP ) +4.2% in Wednesday's trading as Needham reinstated coverage of the developer of solid state battery technologies with a Buy rating and $5 price target, sees the company as "a well-funded call option on the future of solid state batteries in electric vehicles."
The potential advantages of solid state battery technology over current Lithium-ion battery technology are "readily apparent," and Solid Power ( SLDP ) has partnerships and investments from Ford and BMW at opposite ends of the consumer spectrum, Needham's Chris Pierce said.
"We see two compelling paths forward, with SLDP pursuing a capex-light licensing model for its battery technology, while also developing a sulfide-based electrolyte that can be a raw material input for any OEM or battery manufacturer looking to develop its own solid state batteries," Pierce wrote.
Solid Power ( SLDP ) recently reported FY 2022 revenues of $11.8M, more than $9M higher than in 2021, and guided for 2023 revenues of $15M-$20M .
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Solid Power rates a Buy at Needham as bet on EV solid state batteries