Solid Power, an all-solid-state rechargeable battery cells manufacturer, reported a revenue of $2.2 million in the first quarter (Q1) 2022, a 358% year-over-year (YoY) increase compared to $480,000 in Q1 2021.

The company’s net loss increased to $10.3 million in Q1 2022, up 43% YoY from $7.2 million during the same period last year.

The company attributed the net loss to the increase in operating expenses driven by planned investments in product development and the scaling of operations.

Solid Power manufacturers all-solid-state rechargeable battery cells for electric vehicles and mobile power markets. It replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide-based solid electrolyte. Solid Power’s all-solid-state battery cells are claimed to be safer and more stable across a broad temperature range, increased energy density compared to the other available rechargeable battery cells, and are compatible with traditional lithium-ion manufacturing processes.

The company’s pilot line is expected to begin producing EV-scale cells for internal testing during the third quarter.

Commenting on the financial results, Doug Campbell, Chief Executive Officer of Solid Power, said, “During the first quarter, we made meaningful progress towards delivering on the accelerated investment timeline we shared previously. We are now nearing completion of our EV cell pilot line, while other investments in our operating and development capabilities remain on track. We believe these ongoing investments are key to ensuring we meet the initial stages of automotive qualification while delivering long-term value.”

Last May, Solid Power raised $130 million in a Series B investment round led by the BMW Group, Ford Motor Company, and Volta Energy Technologies. Ford and the BMW Group had also expanded existing joint development agreements with Solid Power to secure all-solid-state batteries for future electric vehicles.

When asked about building partnerships with Ford and BMW during the quarterly earnings call, Campbell confirmed that the company is in talks with them.

Previously, Solid Power and Decarbonization Plus Acquisition Corporation III (DCRC), a special purpose acquisition company (SPAC), announced a $1.2 billion worth definitive agreement for a business combination, resulting in Solid Power becoming a publicly listed company.