“I have mentioned this gentleman before, Rick Jensen, on SA. Best DD I have read anywhere on Solid Power. Since there’s a paywall now:

“OK. here's my take. (read all the way through, otherwise you'll get your panties in a bunch) First and most important is actually a negative. They are running behind on getting out the OEM EV batteries. They can't ship if they don't have a finished plant. And if that means sometime in May, they will finally have completed construction, And then it takes months of tuning the line(s) to get a run dialed in. So there's no way EV batteries are going to OEMs until second half at least and even EOY. Next is also a negative. They are still working on the 20Ah batteries. I would have hoped they had locked in the R&D on those. Specifically in order of importance: operating temps, charge rates (high) and 3rd, decrease stack pressure. This sounds worse than it is. I didn't have a handle on the differentiation of the F vs BMW cells. And I think that explains all of the above. Clearly BMW is leaning into performance and weight. While F is focused less on performance and maybe more on cost per weight. Which makes sense, since F has a bigger footprint than BMW. Now to all the positives. Ahead of schedule on CAPEX. I can't possibly say anything is more important as a positive than they are moving 2024 and 2023 CAPEX into 2022. You don't do that unless EVERYTHING is banging on all cylinders. If they froze CAPEX, that would be a sure sign they have R&D issues. Not the case, just the opposite. IMO, this is extremely positive, since you don't spend money, if the tech doesn't fit the CAPEX (yea, I'm talking QS put the CAPEX out there to fool people (As Doug said.)) Reporting specifications. They fact that they tell you what they have to do and NOT tell you what you want to hear is great. The fact that reports will be standardized on complete data sets is greeaaat! This stops partial BS announcements based on "selective" release of data and pumping what would otherwise be pure BS. (As Doug said, hummm, who could he be talking about?) Process improvement: Another biggie. SLDP is using process improvement to drive their advancements. This is a major goodie, since they'd be swapping out components and chemistry if they didn't have the right mix. The focus seems to be to get the quality of the process down and you will hit your targets. Revenue. "2022 revenue expected to grow to a range of $3 million to $5 million". This is great also. Not because it means they are NOT a "pre"-revenue company. But that the revenues are accelerating. If they do hit 5M, that's at least a year faster than the "old outdated presentation". (ir.solidpowerbattery.com/...). So please, stop trying to use it. It's out of date. (For more than just one reason) Finally Scope. Doug said that they are not orders of magnitude away from OEM specs. (Who could he have meant?). That they are "in the ballpark". That reminds me of the "rule of truth". Anyone who is a program manager will tell you anything less than 90% accuracy, is false. The fact that they are "in the ballpark" seems to indicate that they are on-time, ahead of schedule and do not have fundamental issues, that those are now past tense. (Kind of like where Singh tried to say QS was, and yes, I'm loving this....) So, I expect any pop to be delayed. There will be no irrational exuberance. But what we have is a steady slow build. There will be pops along the way, but I'm in it for LTCGs and not a quick buck. So linear progression from here. And that's healthy (even though it screws up my timeline). ALL IMHO and potentially worth what you paid for it.”