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					</table><a href="https://www.solidpowerbattery.com/" target="_blank" rel="noopener">Solid Power</a>, which develops all-solid-state battery technology for electric vehicles (EV), recorded a net loss of $15.14 million during the third quarter (Q3) of 2023, a 22% year-over-year (YoY) increase in losses as compared to a loss of $12.4 million.
The increase in net loss was mainly due to the company’s expanded efforts in building EV cells and increasing electrolyte production, which required additional investments.
Despite the net loss, the company said its liquidity remained solid, tracking favorably to its operational and capital expenditure targets for the year.
The company recorded a revenue of $6.4 million in the quarter, an increase of 127% YoY, because of continued execution under the company’s joint development agreements.
The primary reason for the revenue increase was the strong execution of development and government contracts.
Operating expenses were $21.5 million, which was higher by 37% YoY, driven by accelerated investments in product development and the scaling of operations.
In Q3 2023, the company allocated $8.3 million in capital expenditures, with a major focus on developing its new electrolyte production facility.
“It is a reflection of our team’s strong execution that we produced and delivered our first A Sample EV cells for BMW a little over a week ago, marking a major milestone for Solid Power,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “We are very excited to make these deliveries, begin the formal automotive qualification process, and continue on our path towards commercialization. These A-1 EV cells will also support BMW’s demo car program, which we expect will also be a major proof point for our technology.”
Scoter explained on the electrolyte side that they are producing electrolytes at SP2 in greater volumes and have phased out their SP1 powder production, which puts them on track to continue increasing production.
9M 2023 
During the first nine months (9M) of the year, the company’s net loss was recorded at $46.51 million, an increase in losses by 412% YoY.
The company’s revenue for 9M stood at $15.06 million, 98.4% YoY from the same period in 2022.
Solid Power experienced operating losses of $64.99 million in the period, marking a 56% YoY rise in losses.
The period also saw capital expenditures of $29.5 million, primarily earmarked for investments in the same electrolyte production facility.
The company said it was also actively exploring opportunities in Korea and open to seeking additional OEM partners, indicating a customer-driven approach to development and commercialization.
The company <a href="https://www.mercomindia.com/ev-battery-tech-developer-continue-into-q2-2023" target="_blank" rel="noopener">recorded</a> a net loss of $12.21 million during the second quarter of the financial year 2023, an 189% YoY decrease from a profit of $13.67 million.
Earlier, Solid Power&#8217;s net loss <a href="https://www.mercomindia.com/solid-powers-19-million-on-higher-rd-expenses" target="_blank" rel="noopener">widened</a> to $19.2 million in the first quarter of 2023 compared to the loss of $10.3 million YoY.

Solid Power Reports a Net Loss of $15 Million in Q3 2023, Up 22% YoY

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					</table><a href="https://www.turno.club/" target="_blank" rel="noopener">Turno</a>, a Bengaluru-based commercial electric vehicle (EV) distribution and financing platform, has raised $13.8 million in series A funding which would be used to build proprietary battery technology and scale across the country.
The funding round was co-led by global venture capital firms B Capital and Quona Capital with participation from existing investors Stellaris Venture Partners and Avaana Capital, and new investors Alteria Capital and InnoVen Capital.
The company plans to use the funding for a proprietary battery tech platform to address issues around end-of-life battery value, amid concerns around EV batteries and e-waste globally.
“There is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise. Turno was founded with the mission to convert these “gasoline miles” into “electric miles”, having a significant positive impact on the environment” Hemanth Aluru, Co-Founder &amp; CEO of Turno, said.
Turno offers a multi-brand selection of vehicles at low prices both online and in physical stores, with low-cost financing and a buy-back value on used batteries backed by its proprietary battery technology.
It promises an average 25- 30% higher buyback than the market. The company’s flagship offering claims to lower the overall ownership costs for customers by 30% when compared to other EV purchasing options.
The company said it has captured approximately 20% market share in India.
It has identified an opportunity to create a battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems.
This enhances both the life-cycle value of batteries and prolongs their usable life avoiding impending environmental disasters such as dumping used batteries in landfills and creating toxic e-waste.
The new technology can lead to lower EV ownership costs, thereby making EVs more affordable and accessible to the masses.
Founded in January 2022, the company is currently operational in Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra.
The company has forged national-level partnerships with 3-wheeler electric vehicle manufacturers, including Mahindra &amp; Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide.
They recently announced key personnel appointments across battery technology, brand, growth, and operations.
In July 2022 the startup <a href="https://mercomindia.com/turno-raises-3-1-million-enhance-battery-life-cycle/" target="_blank" rel="noopener">raised</a> $3.1 million in an equity funding round led by Stellaris Venture Partners and Avaana Capital.
Recently, the government <a href="https://mercomindia.com/india-aims-at-9-fold-in-public-ev-charging-2030/" target="_blank" rel="noopener">announced</a> it aims to install a total of 46,397 public charging stations for EVs in nine major cities by the end of the decade.

EV Financing Firm Turno Raises $13.8 Million in Series A Funding

<a href="https://www.romeopower.com/" target="_blank" rel="noopener">Romeo Power</a>, a U.S.-based battery technology company, recorded total revenue of $11.6 million in the first quarter (Q1) of 2022, a 955% year-over-year (YoY) increase compared to $1.1 million in Q1 2021. The revenue increased by 27% quarter-over-quarter (QoQ) from $9.1 million in Q4 2021.
The revenue growth was supported by product revenues of $11.4 million, an increase of $10.8 million compared to the same period last year.
The revenue growth was primarily driven by increased delivery levels to major supply contracts. The company claims to have increased average daily production by up to 75% higher than in Q4 2021.
The company holds a backlog of $412 million based on minimum purchase commitments at the end of the quarter.
Romeo Power ended Q1 with cash, cash equivalents, and investments of $66.9 million.
In February, the company acquired BorgWarner’s interest in the joint venture between Romeo Power and BorgWarner during the quarter for $37 million.
It has also raised $25 million through a common stock standby equity line of credit during the quarter.
Susan Brennan, Chief Executive Officer of Romeo Power, said, “In the first quarter, we successfully finalized a multi-year supply agreement extension and enhancement with a leading commercial vehicle customer, entered into a new multi-phase commercial program with an automotive OEM (original equipment manufacturer) to power rideshare and delivery vehicles, and began shipping the first production of 80 kWh pedigree packs to a key customer manufacturing heavy-duty EVs. We are encouraged by the traction we are gaining in attracting new customers and pilot programs while opening up discussions with a broad range of other vehicle providers that are interested in how our leading battery technology and battery management systems can create value in the rapidly expanding market for electrification.”
During the quarter, Romeo Power formed a relationship with bus and heavy-duty truck EV powertrain manufacturer, Wrightspeed Inc., to build “Powertrain in a Crate” kits using Romeo Power’s high-capacity battery pack and module technology.
The company was also awarded the first phase of a multi-phase commercial program with Indigo Technologies, an automotive OEM specializing in lightweight electric vehicles for rideshare and delivery driving.
In February, the company also announced a three-year extension of an existing supply agreement with one of Romeo’s long-standing customers, with a minimum contractual commitment valued at approximately $17 million.
According to the Mercom Capital’s <a href="https://mercomcapital.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Q1 2022 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, battery storage companies raised $12.9 billion in corporate funding through 26 deals in Q1 2022, a 222% QoQ increase compared to a $4 billion raised in 27 deals in the last quarter.
Previously, Romeo Power <a href="https://mercomindia.com/romeo-power-goes-public/" target="_blank" rel="noopener">announced</a> the completion of its ‘business combination’ with RMG Acquisition, a special purpose acquisition company (SPAC), for $900 million. The company also became a public entity in the process. Romeo Power had raised approximately $394 million in equity funding.

Battery Technology Company Romeo Power Logs $11.6 Million Revenue in Q1 2022

The Union Cabinet has approved the proposal for the implementation of a program titled &#8216;Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II)&#8217; aimed towards the promotion of electric mobility in the country.
The program has a total budget of ₹100 billion ($1.41 billion), which is expected to be deployed over a period of three years with effect from April 1, 2019. The program is the expanded version of FAME India I which was launched on April 1, 2015, with a total outlay of ₹8.95 billion (126.2 million).
The objective of FAME is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on the purchase of electric vehicles and establishing necessary charging infrastructure for electric vehicles. According to the statement released by the government, the program will help in addressing the issue of environmental pollution and fuel security.
It is expected to emphasize on electrification of public transportation including shared transport by providing demand incentives on operational expenditure mode for electric buses; these incentives are expected to be delivered through state or city transport corporation (STUs).
For the three and four-wheel electric vehicles (e-3W and e-4W) segment, incentives will be applicable mainly for vehicles used for public transport or registered for commercial purposes. In the two-wheel electric vehicles (e-2W) segment, the focus will be on the private vehicles. This program plans to support one million e-2W, 5 million e-3W, 55,000 e-4W, and 7,000 e-buses.
To encourage advanced technologies, the incentives will be extended to those vehicles which are fitted with advanced batteries such as lithium-ion or other new technology batteries.
The FAME program proposes establishment of charging infrastructure, through which, about 2,700 charging stations will be established in metros, other million plus (population) cities, smart cities, and cities in hilly states across the country so that there is availability of at least one charging station in a grid of 3 kilometers (km) x 3 km.
Establishment of charging stations is also proposed on major highways connecting major city clusters. Further, development of vehicle charging infrastructure is proposed for these highways on both sides of the road at an interval of about 25 km each.
The government had <a href="https://mercomindia.com/electric-vehicles-opportunity-india/" target="_blank" rel="noopener">launched</a> the FAME program with an initial outlay of ₹750 million (~$11.56 million) to provide a major push for the early adoption and creation of a market for both hybrids and EVs. The FAME Program covers all vehicles ― two-wheelers, three-wheelers, four-wheelers, and buses. The incentives to be provided are based on the type and make of any given vehicle.
In an <a href="https://mercomindia.com/states-poised-lead-ev-revolution/" target="_blank" rel="noopener">exhaustive report</a>, Mercom analyzed the EV hotspots in the country that are poised to lead India’s EV revolution.
Recently, Mercom reported on <a href="https://mercomindia.com/government-ev-charging-25-km-road/" target="_blank" rel="noopener">amendments</a> in Model Building By-Laws to provide for electric vehicle charging infrastructure for residential and other buildings (including group housing building). Amendments in Urban and Regional Development Plans Formulation and Implementation Guidelines were also released to provide for the development of charging infrastructure on roads and highways.

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