Erik J. Anderson, a director at Solid Power, Inc. (NASDAQ:SLDP), recently sold a significant portion of the company's common stock. According to a recent SEC filing, Anderson sold 506,283 shares at a price of $1.2722 each, totaling approximately $644,093. The sale comes as the company's stock, currently trading at $1.18, has experienced significant volatility - an observation highlighted by InvestingPro's analysis. This transaction, dated October 1, 2024, leaves Anderson with 187,617 shares owned indirectly through WestRiver Management, LLC, and an additional 141,562 shares held directly. The shares were sold by WRG INV41, LLC, managed by WestRiver Management, where Anderson is the sole member and manager. The transaction occurs as Solid Power, with a market capitalization of $215 million, maintains a high current ratio of 6.88, though InvestingPro analysis reveals the company is rapidly burning through cash. Discover 12 additional key insights about SLDP with an InvestingPro subscription.
In other recent news, Solid Power has reported significant developments in its third quarter of 2024. The company announced that it is in negotiation for a potential $50 million grant from the U.S. Department of Energy (DOE). This funding is aimed at enhancing the production of solid electrolyte materials for advanced all-solid-state batteries. Despite a reported net loss, Solid Power maintains a strong liquidity position with $348.1 million in cash as of September 2024.
The company recorded $4.7 million in revenue in the same quarter, primarily from SK On agreements and government contracts. However, the operating expenses stood at $32.2 million, resulting in a net loss of $22.4 million. Solid Power is also making progress in its electrolyte Innovation Center, A-2 cell design, and partnerships with BMW (ETR:BMWG) and SK On.
In terms of future plans, Solid Power is gearing up to install a pilot line for electrolyte production within the next 12 to 18 months. The company also revealed its aim to produce 75 metric tons of electrolyte annually by 2026 and 140 metric tons by 2028. A non-binding memorandum of understanding with a major battery manufacturer for electrolyte collaboration is also reportedly in the finalization stages.
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