LOUISVILLE, Colo. - Solid Power, Inc. (NASDAQ:SLDP), an innovator in solid-state battery technology, today announced the appointment of Linda Heller as the new Chief Financial Officer and Treasurer, effective immediately. Linda Heller brings a wealth of experience from the renewable energy sector and takes over from Kevin Paprzycki, who has held the position since 2021.
With a solid background in finance and operations, Heller has served in senior roles at various renewable and semiconductor companies over the past 15 years. Her previous tenure as CFO at Swell Energy Inc., Deca Technologies Inc., eSolar, Inc., and Power-One, Inc. has equipped her with significant industry knowledge and leadership skills. Heller's academic credentials include an M.S. in Management from MIT Sloan School of Management and a B.A. in Economics from Rice University.
Solid Power's President and CEO, John Van Scoter, expressed confidence in Heller's appointment, citing her proven track record and expertise as vital for the company's continued growth and strategic goals. Heller herself is eager to contribute to Solid Power's mission and enhance stockholder value during a critical phase of the company's development.
The company has also reaffirmed its financial guidance for 2024, as previously outlined in its first-quarter business update on May 7, 2024. Solid Power anticipates cash used in operations to be between $60 million and $70 million, with capital expenditures expected to range from $40 million to $50 million.
The total cash investment for 2024 is projected to be between $100 million and $120 million, inclusive of approximately $35 million in deferred operational and capital investments from 2023. Revenue for the year is still forecasted to be in the $20 million to $25 million range.
Solid Power's strategy involves selling its proprietary electrolyte to cell manufacturers and licensing its cell designs and manufacturing processes, a business model that differentiates it from competitors who aim to manufacture commercial batteries. The company is focused on expanding its electrolyte capabilities and market presence, advancing cell designs, and establishing a stronger foothold in Korea.
The company's solid-state battery technology, centered around its electrolyte material, is aimed at enabling longer-range, safer, and more cost-effective batteries for electric vehicles (EVs) and other applications. Solid Power has successfully shipped electrolyte samples and is progressing towards its target delivery of A-2 sample cells by the end of the year.
This news report is based on a press release statement from Solid Power, Inc. The forward-looking statements in the press release reflect the company's expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
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