Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Related Party Transactions

Note 12 – Related Party Transactions

During the three and nine months ended September 30, 2024, the Company recognized $0 and $5,410 of revenue related to the BMW JDA, respectively. During the three and nine months ended September 30, 2023, the Company recognized $3,657 and $10,128 of revenue related to the BMW JDA, respectively. For the year ended December 31, 2023, the Company recorded $828 of deferred revenue related to cash paid from BMW in advance of services provided.

On September 30, 2024, Solid Power Operating, Inc. and BMW entered into Amendment No. 6 to Joint Development Agreement. Pursuant to the terms of Amendment No. 6, the Company and BMW agreed to (i) extend the term of the BMW JDA until the Company hits certain development milestones; provided that BMW will have termination rights in certain circumstances beginning on December 31, 2025, and (ii) revise certain deliverables and the timing to achieve various milestones and development targets and confirm cell performance requirements.