(Reuters) - U.S. EV battery company Solid Power said on Monday it had partnered with Germany's BMW AG <BMWG.DE> to develop the next-generation solid-state battery technology for use in electric vehicles (EVs).
BMW will assist in advancing Solid Power's technology to achieve performance levels required for high-performance EVs, Louisville, Colorado-based Solid Power said in a statement.
Financial terms of the deal were not disclosed.
All solid-state battery technology is a high-capacity energy storage device that improves on today's lithium-ion batteries, replacing the liquid or gel-form electrolyte with a solid, conductive material. Among other benefits, the new technology offers more capacity and better safety.
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Carmakers are trying to lower the cost of electric vehicles by investing in the development of affordable but powerful batteries.
Established in 2012, Solid Power says its solid-state rechargeable batteries could lower costs because of the potential for eliminating many of the costly safety features associated with lithium-ion systems.
Toyota Motor Corp <7203.T>, which has called the technology a "game changer" for EVs, plans to commercialize solid-state batteries and roll out an electric vehicle in the early 2020s powered by them.
German automotive supplier Continental AG <CONG.DE> is considering investing in the technology, Chief Executive Elmar Degenhart told trade weekly Automobilwoche in an interview in November.
(Reporting by Ismail Shakil in Bengaluru; Editing by Peter Cooney)