Dec 21 Reuters Solid Power Inc said on Wednesday it will offer some intellectual property rights related to its solidstate batteries to BMW and allow production of the battery cells at the automaker39;s facilities in Germany.

Coloradobased Solid Power will license the cell design and manufacturing processes to BMW, which will pay the company 20 million through June 2024, subject to certain conditions.

As part of the agreement, Solid Power will retain the intellectual property rights related to its electrolyte material, which it will supply to BMW once the carmaker39;s battery production lines are up and running.

BMW, an investor in Solid Power, already has an agreement to receive finished battery cells.

Solid Power, which went public in December last year, is among a group of companies trying to create nextgeneration batteries for electric vehicles, aiming to solve some issues related to lithiumion batteries that are currently is use.

Solidstate batteries use a solid electrolyte, compared with a liquid one in lithiumion batteries, and have a lower risk of catching fire.

Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta

Source Reuters