Solid Power: The Narrative No Longer Holds (Rating Downgrade)

2025-06-19 06:52:21 ET

Investment Thesis

Last year, I rated Solid Power ( SLDP ) a " buy " on the assumption that commercialization of its Sulfide electrolyte was on track. I was wrong. Earlier this year, management added the following note to its annual report:

Throughout 2024, many OEMs and battery manufacturers began projecting delayed commercial adoption of solid-state battery cells, with some projecting adoption in the late 2020s or early 2030s.

We believe these projections are due, in part, to the uneven pace of battery science and the inherent challenges in predicting when research and development will be sufficient to reach commercialization. – SLDP 2024 Annual Report

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