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					</table><p><a href="https://www.solidpowerbattery.com/" target="_blank" rel="noopener">Solid Power</a>, which develops solid-state battery technology for electric vehicles, reported a net loss for the first quarter (Q1) of 2024 that widened to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology.</p>
<p>Revenue for the quarter came in at $6 million, marking a robust 57% increase from $3.8 million in the first quarter of last year. The top-line growth was fuelled by the company&#8217;s execution under its joint development agreements with partners, it said.</p>
<p>However, operating expenses also surged 26% to $31.7 million, up from $25.1 million in the year-ago period, as Solid Power incurred higher labor and material costs associated with cell and electrolyte development activities as well as the overall scaling of its operations.</p>
<p>Meanwhile, capital expenditures totaled $4.1 million, primarily representing investments in expanding the company&#8217;s electrolyte production capabilities, including the build-out of a new research and development lab facility.</p>
<p>The Colorado-based company also said it executed technology transfers and the installation of a battery production line for its partner <a href="https://eng.sk.com/companies/sk-on" target="_blank" rel="noopener">SK On</a>, a South Korea-based battery maker.</p>
<p>The company&#8217;s electrolyte sampling program gained traction, with shipments sent out to multiple potential customers during the quarter. The management highlighted that the development of its next-generation A-2 sample cells remains firmly on track for the targeted end-of-year delivery timeline.</p>
<p>“On the cell side, our team is currently focused on an A-2 cell that incorporates planned improvements and addresses known challenges from our A-1 design,” said the company’s CEO, John Van Scoter.</p>
<p>Solid Power reaffirmed its commitment to delivering on its 2024 objectives, including further expanding electrolyte production capabilities, advancing to the A-2 cell specifications, and strengthening its presence within South Korea&#8217;s battery ecosystem.</p>
<p>“Our electrolyte has now been shipped to 10 potential customers (battery and EV original equipment manufacturers) outside of our existing joint development relationships. We&#8217;ve also continued to invest in our new electrolyte R&amp;D lab, which we are targeting to complete sometime midyear,” said Scoter during a post-earnings conference call with analysts.</p>
<p>The company maintained its previous financial outlook, projecting full-year 2024 revenue between $20-25 million, cash usage of $60-70 million, and capital expenditures in the $40-50 million range.</p>
<p>Its liquidity position stood at $378.9 million as of March 31<sup>, </sup>2024.</p>
<p>The company’s net loss <a href="https://www.mercomindia.com/battery-tech-company-solid-by-586-in-2023" target="_blank" rel="noopener">widened</a> by 586.3% in the previous quarter, as higher operating expenses hurt its bottom line. In the previous quarter, it also <a href="https://www.mercomindia.com/solid-power-reports-a-net-loss-up-22-yoy" target="_blank" rel="noopener">reported</a> a bigger net loss compared to the same period last year.</p>


Solid Power’s Q1 Net Loss Widens as Battery Tech Commercialization Nears


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					</table><p><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 $65.55 million during 2023, a 586.3% year-over-year (YoY) increase from a net loss of $9.55 million.</p>
<p>The increase in net loss was primarily driven by the higher operating expenses in 2023 compared to 2022 due to increased investments in product development and operational scaling.</p>
<p>Kevin Paprzycki, the Chief Financial Office of Solid Power, during the company’s earnings call, said, “2023 operating expenses were $108 million, reflecting increased operational costs as we ramped both EV cell and electrolyte production over the year and increased R&amp;D costs as we work to deliver our A1 sample cells.”</p>
<p>Capital expenditure for the year amounted to $34.5 million, mainly reflecting investments made in the construction and development of the company&#8217;s new electrolyte production facility.</p>
<p>The company recorded a revenue of $17.41 million during the year, a 47.6% YoY increase from $11.79 million. The company attributed the increase to the consistent execution of joint development agreements.</p>
<p>The company demonstrated the capability to produce electrolytes at a rate of 1.1 metric tons per month across multiple campaigns.</p>
<p>Solid Power also said its team successfully delivered A-1 Sample cells in October, officially entering the automotive qualification process after overcoming challenges related to yield and supply chain earlier in the year.</p>
<p>Shifting focus to A-2 Sample cells, the company continues to advance cell development with the objective of consistently manufacturing safer and higher-performing cells.</p>
<p>Solid Power strengthened ties with <a href="http://eng.sk-on.com/" target="_blank" rel="noopener">SK On</a> through the establishment of three new agreements and declared a $50 million share repurchase authorization.</p>
<p>“Solid Power delivered on several key strategic milestones in 2023, which strengthened our operational, technological, and competitive positioning,” said John Van Scoter, President and Chief Executive Officer of Solid Power.</p>
<p>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.</p>
<p>Earlier, Solid Power’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.</p>


Battery Tech Company Solid Power’s Net Loss Widens by 586% in 2023


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					</table><p><a href="https://www.mercomindia.com/bharat-petroleum-consultancy-tender-50-mw-wind-projects" target="_blank" rel="noopener"><strong>Bharat Petroleum Corporation has invited bids for consultancy services to set up 50 MW of wind power projects in Maharashtra and Madhya Pradesh.</strong></a> The last date to submit the bids is June 22, 2023. Bids will be opened on the same day. Bidders must submit ₹100,000 (~$1,211) as an earnest money deposit. The successful bidder must furnish an amount equivalent to 10% of the total contract value as a performance security deposit.</p>
<p><a href="https://www.mercomindia.com/renew-swings-profit-q4-fy23" target="_blank" rel="noopener"><strong>Independent renewable power producer ReNew Power recorded a net profit of ₹74 million (~$1 million) in the fourth quarter of the financial year 2023,</strong></a> compared to a net loss of ₹3.5 billion (~$43 million) year-over-year (YoY). A higher total income and lower non-cash mark-to-market adjustments for the quarter contributed to the profit. The company reported a total income of ₹26 billion (~$315 million), an increase of 47% YoY, on the back of increased operating capacity.</p>
<p><a href="https://www.mercomindia.com/develop-emerging-technologies-power-sector" target="_blank" rel="noopener"><strong>The Ministry of Power and the Ministry of New and Renewable Energy have launched the Mission on Advanced and High-Impact Research (MAHIR), a national initiative to develop, scale, and deploy indigenous technological innovations in India’s power sector.</strong></a> The mission aims to bolster research, development, and demonstration of new technologies and help the government get them to the implementation stages. Initially planned for 2023-24 to 2027-28, MAHIR will follow the technology life cycle approach of Idea to Product.</p>
<p><a href="https://www.mercomindia.com/steel-ministry-invites-green-hydrogen-pilot-projects" target="_blank" rel="noopener"><strong>The Ministry of Steel has invited research and development proposals to establish pilot projects focused on producing and utilizing green hydrogen within the iron and steel industry.</strong></a> The ministry has earmarked a budget of ₹4.55 billion (~$55 million) specifically for the steel sector. These funds can be utilized for research, development, demonstration activities, and pilot projects for hydrogen production and utilization in the iron and steel-making processes.</p>
<p><strong><a href="https://www.mercomindia.com/ajmer-discom-invites-bids-for-72-33-mw-solar-projects-in-rajasthan" target="_blank" rel="noopener">Ajmer Vidyut Vitran Nigam has issued a tender to develop 72.33 MW grid-connected solar power projects under component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan</a></strong> program for feeder-level solarization. The scope of the work includes design, survey, supply, installation, testing, commissioning, operation, and maintenance of the projects for 25 years.</p>
<p><a href="https://www.mercomindia.com/sk-on-secures-944-million-for-global-expansion" target="_blank" rel="noopener"><strong>SK On secured a significant long-term financial investment of up to $944 million to support the continuous growth of its battery business in the global market.</strong></a> The agreement involves SK Innovation, SK On, and the MBK Consortium, which comprises financial investors from the United States, the Middle East, and other regions. MBK Consortium will invest $800 million in SK On. Additionally, SNB Capital, a subsidiary of Saudi Arabia’s largest commercial bank, Saudi National Bank, is discussing investing up to $144 million in SK On through the Korea Investment PE EastBridge Consortium.</p>
<p><a href="https://www.mercomindia.com/hydrogen-us-to-grow-50-mmt-2050" target="_blank" rel="noopener"><strong>The demand for clean hydrogen is set to grow by 10 million metric tons (MMT) annually by the end of the decade in the U.S., while it will rise to 20 MMT and 50 MMT by 2040 and 2050</strong></a>, respectively, according to the National Clean Hydrogen Strategy and Roadmap released recently by the U.S. Department of Energy. The roadmap prioritizes three focus areas to support the use of clean hydrogen across key sectors of the country— cutting the cost of clean hydrogen, strategizing its use in the highest benefit applications, and creating regional networks for clean hydrogen production in the country.</p>
<p><strong><a href="https://www.mercomindia.com/uaes-masdar-led-10-gw-onshore-wind-farm-in-egypt" target="_blank" rel="noopener">UAE government-owned renewable energy company Masdar, Infinity Power, and Hassan Allam Utilities have signed an agreement with Egypt’s New and Renewable Energy Authority</a> </strong>to develop a 10 GW onshore wind farm in Egypt. With a project value exceeding $10 billion, the wind farm is set to be one of the largest in the world, the company said. The wind farm will produce 47,790 GWh of clean energy annually, reducing the country’s annual carbon emissions by around 9%.</p>


Daily News Wrap-Up: BPCL Floats Consultancy Tender for 50 MW of Wind Projects


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					</table><p><a href="http://eng.sk-on.com/" target="_blank" rel="noopener">SK On</a>, a battery technology company and a subsidiary of SK Innovation, has secured a significant long-term financial investment of up to $944 million to support the continuous growth of its battery business in the global market.</p>
<p>The agreement involves <a href="https://www.skinnovation.com/" target="_blank" rel="noopener">SK Innovation</a>, SK On, and the <a href="https://www.mbkpartnerslp.com/" target="_blank" rel="noopener">MBK Consortium</a>, which comprises financial investors from the United States, the Middle East, and other regions.</p>
<p>MBK Consortium will invest $800 million in SK On. Additionally, <a href="https://www.alahlicapital.com/Pages/Home.aspx?lang=en" target="_blank" rel="noopener">SNB Capital</a>, a subsidiary of Saudi Arabia&#8217;s largest commercial bank,<a href="https://www.alahli.com/en-us/Pages/RB-SNB-Home-New.aspx" target="_blank" rel="noopener"> Saudi National Bank</a>, is in discussions to invest up to $144 million in SK On through the Korea Investment PE <a href="https://www.eastbridge.asia/" target="_blank" rel="noopener">EastBridge</a> Consortium.</p>
<p>SK On operates EV battery production facilities in South Korea, the United States, China, and Hungary. The company plans to significantly increase its annual production capacity from 88 GWh in 2022 to at least 220 GWh by 2025.</p>
<p>To achieve this ambitious goal, SK On is expanding its existing facilities and pursuing joint ventures with major car manufacturers like <a href="https://www.india.ford.com/" target="_blank" rel="noopener">Ford</a> and <a href="https://www.hyundaimotorgroup.com/main/mainRecommend" target="_blank" rel="noopener">Hyundai Motor Group</a> to establish new battery production projects.</p>
<p>Prior to this recent funding, SK On had already raised $2.4 billion through the Korea Investment PE EastBridge Consortium and additional investments from its parent company, SK Innovation.</p>
<p>With the newly secured investments, SK On has exceeded its initial target of $3 billion, reaching a total funding amount of up to $3.4 billion.</p>
<p>In a separate announcement, SK Innovation revealed its commitment to providing a debt guarantee for SK On&#8217;s borrowing of $1.5 billion from Hyundai Motor Company and <a href="https://www.kia.com/in/our-vehicles/seltos/showroom.html?utm_source=google&amp;utm_medium=sem&amp;utm_campaign=kia_brand&amp;gclid=CjwKCAjw1YCkBhAOEiwA5aN4ATHCh1oEMNjMwHw8kVelLFuMFjystsvzI1MHL8KSCE9mYC0K09wonBoCAT8QAvD_BwE" target="_blank" rel="noopener">Kia</a>.</p>
<p>This move aims to enhance financial stability by diversifying funding sources for SK On while fostering closer relationships with customers through reliable battery cell supply and strategic partnerships.</p>
<p>In April this year, Hyundai Motor Group <a href="https://www.mercomindia.com/hyundai-motor-for-ev-battery-plant-in-us" target="_blank" rel="noopener">said</a> it would form a 50:50 joint venture with SK On to invest $5 billion in an electric vehicle battery cell production facility in the United States. The manufacturing facility is expected to produce 35 GWh of EV battery cells annually by 2025, sufficient to support the production of 300,000 all-electric vehicles.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q1-2023" target="_blank" rel="noopener">reached</a> 349,676 units in the first quarter of 2023, a year-over-year increase of 81% compared to 192,565 units sold in the same period last year.</p>


Battery Tech Firm SK On Secures $944 Million Investment for Global Expansion


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					</table><p><a href="https://www.hyundai.com/worldwide/en/" target="_blank" rel="noopener">Hyundai Motor Group</a> said it will form a 50:50 joint venture with EV battery maker <a href="http://eng.sk-on.com/main.asp" target="_blank" rel="noopener">SK On</a> to invest $5 billion in an electric vehicle (EV) battery cell production facility in the United States.</p>
<p>The manufacturing facility is expected to produce 35 GWh of EV battery cells annually by 2025, sufficient to support the production of 300,000 all-electric vehicles.</p>
<p>The two companies will also avail of the EV tax credits under the Inflation Reduction Act, which requires the final assembly of EVs within North America.</p>
<p>The plant will be established in Bartow County, Georgia, close to Hyundai’s U.S. production facilities, including Hyundai Motor Manufacturing Alabama, Kia Georgia, and Hyundai Motor Group Metaplant America.</p>
<p>Hyundai said the battery cell production plant will also help accelerate the group’s electrification efforts by stabilizing battery supply for EV production in America.</p>
<p>SK On and Hyundai Motor Group have been working together on the production of globally renowned EV models, such as Hyundai IONIQ 5, Kia EV6 and Genesis GV60.</p>
<p>Last year, SK On <a href="https://www.mercomindia.com/daily-news-wrap-up-cummins-to-build-electrolyzer-for-gail" target="_blank" rel="noopener">signed</a> a memorandum of understanding with Hyundai to supply batteries to the latter’s EV assembly plants in the U.S., where it plans to manufacture diverse EV models.</p>
<p>In July 2022, Rolls-Royce and Hyundai <a href="https://www.mercomindia.com/daily-news-wrap-up-ministry-proposes-alerting-system" target="_blank" rel="noopener">announced</a> plans to collaborate on bringing all-electric propulsion and hydrogen fuel cell technology to the advanced air mobility market. The partnership is aimed at leveraging Rolls-Royce’s aviation and certification capabilities and Hyundai Motor Group’s hydrogen fuel cell technologies and industrialization capability.</p>
<p>Last year, Hyundai Global Motors was one of the four companies that <a href="https://www.mercomindia.com/reliance-ola-hyundai-rajesh-exports-win-bid-50-gwh-acc" target="_blank" rel="noopener">received</a> approval from the Ministry of Heavy Industries for the Production-Linked Incentive program for advanced chemistry cells for energy storage. Reliance New Energy Solar, Ola Electric Mobility, and Rajesh Exports were the other three companies.</p>


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