Solid Power, Inc 10-K for FY2021

About this 10-K

Headline figures

Solid Power, Inc. (SLDP)

10-K 2022-03-23 For: 2021-12-31

Added on April 04, 2026

Solid Power, Inc filed this 10-K on March 23, 2022, covering the fiscal year ended December 31, 2021 (FY2021).

December 31, 2020

Principal Amount

Fair Value

2020 Convertible Promissory Notes

Fiscal year ended December 31, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.71M; up 29.0% from $2.1M a year earlier
Net income: $18.09M; compared with a net loss of $14.38M a year earlier
Diluted EPS: $0.11; compared with -$0.21 a year earlier

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Delaware		86-1888095
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


486 S. Pierce Ave., Suite E
Louisville, Colorado		80027
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	SLDP	The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50	SLDPW	The Nasdaq Stock Market LLC


Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐
			Emerging growth company ☒


PART I		5
Item 1.	Business	5
Item 1A.	Risk Factors	18
Item 1B.	Unresolved Staff Comments	45
Item 2.	Properties	45
Item 3.	Legal Proceedings	45
Item 4.	Mine Safety Disclosures	45

PART II		47
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	47
Item 6.	[Reserved]	47
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 8.	Financial Statements and Supplementary Data	56
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	81
Item 9A.	Controls and Procedures	81
Item 9B.	Other Information	82
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	82

PART III		82
Item 10.	Directors, Executive Officers and Corporate Governance	82
Item 11.	Executive Compensation	82
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	82
Item 13.	Certain Relationships and Related Transactions, and Director Independence	82
Item 14.	Principal Accounting Fees and Services	82

PART IV		83
Item 15.	Exhibits, Financial Statement Schedules	83
Item 16.	Form 10-K Summary	86


Name	Position	Age
Joshua R. Buettner-Garrett	Chief Technology Officer	36
Douglas Campbell	Chief Executive Officer and Class I Director	48
Jon Jacobs	Chief Marketing Officer	51
David B. Jansen	President, Chairman of the Board, and Class III Director	60
Derek C. Johnson	Chief Operating Officer	44


☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

James Liebscher		Chief Legal Officer and Secretary		41
Kevin Paprzycki		Chief Financial Officer and Treasurer		51


	Year Ended December 31,
($ in thousands)	2021		2020		Change		%
Revenue	$	2,712	$	2,103	$	609	29	%
Operating Expenses
Direct costs		3,073		1,670		1,403	84	%
Research and development		17,102		9,594		7,508	78	%
Marketing and sales		3,428		1,205		2,223	184	%
General and administrative		5,655		1,227		4,428	361	%
Total operating expenses		29,258		13,696		15,562	114	%
Operating Loss		(26,546)		(11,593)		(14,953)	(129)	%
Nonoperating Income (Expense)
Interest income		56		28		28	NM
Change in fair value of warrant liabilities		51,233		—		51,233
Interest expense		(394)		(361)		(33)	NM
Other expense		(3,602)		—		(3,602)
Loss from change in fair value of debt		—		(437)		437	NM
Loss from change in fair value of embedded derivative liability		(2,680)		(2,817)		137	NM
Gain on loan extinguishment		—		923		(923)	NM
Total nonoperating income (loss)		44,613		(2,664)		47,277	1775	%

Pretax Income (Loss)		18,067		(14,257)		32,324	227	%

Income tax (benefit) expense		(25)		118		(143)	NM

Net Income (Loss)	$	18,092	$	(14,375)		32,467	226	%

Premium paid on repurchase of redeemable convertible preferred stock		(5,436)		—		(5,436)

Net Income (Loss) attributable to Common Stockholders		12,656		(14,375)		27,031	188	%


Stock-Based Compensation
Description	Judgments and Uncertainties	Effect if Results Differ From Assumptions

We record stock-based compensation expense according to the provisions of ASC Topic 718 – Stock Compensation. ASC Topic 718 requires all share-based awards to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The grant date fair value of Legacy Solid Power’s common stock was historically determined by its board of directors with the assistance of management and an independent valuation. As of December 9, 2021, our common stock is publicly traded, and the fair value is based on the closing market price on the date grants are made.	Under the provisions of ASC Topic 718, we determine the appropriate fair value model to be used for valuing share-based issuances and the amortization method for recording compensation cost, which can be impacted by the following assumptions: · expected term · expected volatility · expected dividend yield · risk-free interest rate	If we were to change any of these judgments or estimates, it could cause a material increase or decrease in the amount of stock-based compensation expense reported.

Common Stock Warrants
Description	Judgments and Uncertainties	Effect if Results Differ From Assumptions

Common stock warrants are classified as a liability, in accordance with ASC Topic 815, as they do not satisfy the criteria to be classified as equity based on the indexation criteria. Public and private warrants are recorded at their fair value at the date of issuance, and subsequently remeasured at each reporting period end. Any change in value is recognized through the consolidated statement of operations.	Valuation of private warrants requires that we make significant judgments and assumptions related to the fair value based on the valuation model. We consider the most significant assumption to be the estimated volatility of our common stock.	If we were to change our judgments or estimates used in valuation of private warrants, it could cause a material increase or decrease to expense realized from the change in fair value of public and private warrants, and to the underlying warrant liability.

Collaborative Revenue
Description	Judgments and Uncertainties	Effect if Results Differ From Assumptions

We recognize revenue from our research and development collaboration agreements representing joint operating activities in accordance with ASC Topic 808, Collaborative Arrangements. The elements of the collaboration agreements in which both parties to the contract are active participants and to which both parties are exposed to significant risks and rewards that are dependent on the commercial success of the efforts under the contract are recorded as collaborative arrangements.	Our revenue recognition accounting methodology requires us to make significant estimates and assumptions, and to apply professional judgment. Collaborative revenues from cost-based contracts are recognized based on costs incurred during each period plus any earned fee. Contract costs include all direct labor, subcontract costs, costs for materials and indirect costs related to the contract performance that are allowable under the provisions of the contract. Collaborative revenues from fee-based contracts are recognized based on costs incurred to meet contractually defined milestones and deliverables along with our assessment of achievement of those measurable deliverables under the contract.	If we were to change our judgments or estimates, it could cause a material increase or decrease in the amount of revenue or deferred revenue that we report in a particular period.

Research and Development
Description	Judgments and Uncertainties	Effect if Results Differ From Assumptions

Our Company is in the research and development phase. Our product offering relies heavily on new technology currently undergoing development and does not yet meet standard specifications to be sold commercially. Therefore, all related costs are currently accounted for as part of research and development expense in the Consolidated Statement of Operations. The criteria established by the Company to determine when commercialization has been reached includes the length of time the units have been operational in the field and the level of performance at which those units operate. As we transition from the research and development phase and into a full commercial phase, all inventoriable costs will be capitalized. As of December 31, 2021, the criteria for commercialization have not yet been met.	Research and development costs require us to make judgements regarding our progress toward commercialization. We routinely assess this progress to prepare for the change in cost treatment.	If we were to change our judgement regarding research and development costs or our progress toward commercialization, it could cause a material change in cost treatment.


Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	57
Consolidated Balance Sheets as of December 31, 2021 and 2020	58
Consolidated Statements of Operations for the Years Ended December 31, 2021 and 2020	59
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2021 and 2020	60
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021 and 2020	61
Notes to Consolidated Financial Statements	62


		December 31,
		2021		2020
Assets
Current Assets
Cash and cash equivalents	$	513,447	$	4,974
Marketable securities		75,885		—
Contract receivables		829		277
Prepaid expenses and other current assets		4,216		227
Total current assets		594,377		5,478
Property and Equipment – Net		22,082		8,481
Other Assets		602		—
Intangible Assets – Net		619		248
Total assets	$	617,680	$	14,207
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable	$	4,326	$	202
Current portion of long-term debt		120		1,235
Deferred revenue		500		38
Accrued and other current liabilities:
Accrued compensation		1,151		295
Accrued interest		—		13
Other accrued liabilities		2,269		61
Total current liabilities		8,366		1,844
Long-term Debt - Net of current portion		10		1,489
Warrant Liabilities		50,020		—
Convertible Notes Payable		—		3,612
Embedded Derivative Liability		—		2,817
Other Long-term Liabilities		393		321
Deferred Taxes		226		252
Total liabilities	$	59,015	$	10,335
Stockholders’ Equity
Common Stock, $0.0001 par value; 2,000,000,000 and 122,507,000 shares authorized; 167,557,988 and 69,885,084 shares issued and outstanding as of December 31, 2021 and 2020, respectively		17		7
Additional paid-in capital		568,183		31,492
Accumulated deficit		(9,535)		(27,627)
Total stockholders’ equity		558,665		3,872
Total liabilities and stockholders’ equity	$	617,680	$	14,207


	For the Years Ended December 31,
	2021		2020
Revenue	$	2,712	$	2,103
Operating Expenses
Direct costs		3,073		1,670
Research and development		17,102		9,594
Marketing and sales		3,428		1,205
General and administrative		5,655		1,227
Total operating expenses		29,258		13,696
Operating Loss		(26,546)		(11,593)
Nonoperating Income (Expense)
Interest income		56		28
Change in fair value of warrant liabilities		51,233		—
Interest expense		(394)		(361)
Other expense		(3,602)		—
Loss from change in fair value of debt		—		(437)
Loss from change in fair value of embedded derivative liability		(2,680)		(2,817)
Gain on loan extinguishment		—		923
Total nonoperating income (Loss)		44,613		(2,664)
Pretax Income (Loss)		18,067		(14,257)
Income tax (benefit)/expense		(25)		118
Net Income (Loss)	$	18,092	$	(14,375)
Premium paid on repurchase of redeemable convertible preferred stock		(5,436)		—
Net Income (Loss) attributable to Common Stockholders	$	12,656	$	(14,375)
Basic earnings (loss) per share		0.13		(0.21)
Diluted earnings (loss) per share		0.11		(0.21)
Weighted average shares outstanding - basic		95,477,472		69,228,444
Weighted average shares outstanding - diluted		114,910,129		69,228,444


			Common Stock
	Mezzanine						Additional		Accumulated		Total Stockholders'
	Equity		Shares		Amount		paid-in capital		deficit		Equity
Balance - December 31, 2019	$	29,096		7,213,730		1	$	—	$	(16,197)	$	(16,196)
Retroactive application of recapitalization		(29,096)		61,573,943		6		26,145		2,945	$	29,096
Adjusted Balance Beginning of Period	$	—		68,787,673	$	7	$	26,145	$	(13,252)	$	12,900
Net income (loss)		—		—		—		—		(14,375)		(14,375)
Bank warrant issuance		—		—		—		16		—		16
Beneficial Conversion feature on convertible debt		—		—		—		5,125		—		5,125
Stock options exercised		—		1,097,370		—		24		—		24
Stock-based compensation expense		—		—		—		182		—		182
Balance - December 31, 2020	$	—		69,885,043	$	7	$	31,492	$	(27,627)	$	3,872
Net income (loss)		—		—		—		—		18,092		18,092
Business Combination, net of redemptions and transaction costs of $47,888		—		63,039,829		6		394,587		—		394,593
Beneficial Conversion feature on convertible debt		—		—		—		4,875		—		4,875
Redemption of Series A-1 redeemable preferred stock*-		—		(1,065,432)		—		(6,041)		—		(6,041)
Issuance of Series B redeemable preferred stock net of issuance costs of $4,511 and settlement of associated convertible preferred stock liability*		—		27,930,997		3		140,436		—		140,439
Warrants exercised		—		6,606,621		1		14		—		15
Stock options exercised		—		1,160,930		—		106		—		106
Stock-based compensation expense		—		—		—		2,714		—		2,714
Balance - December 31, 2021	$	—		167,557,988	$	17	$	568,183	$	(9,535)	$	558,665


	For the Years Ended December 31,
	2021		2020
Cash Flows from Operating Activities
Net income (loss)	$	18,092	$	(14,375)
Adjustments to reconcile net income (loss) to net cash and cash equivalents from operating activities:
Depreciation and amortization		2,360		2,067
Loss on sale of property and equipment		11		7
(Gain) on extinguishment of debt		—		(923)
Stock compensation expense		2,714		182
Stock warrant issue		—		16
Deferred taxes		(25)		118
Warrant liabilities		(51,233)		—
Accrued interest on convertible notes payable to be paid in kind		—		165
Non-cash interest expense on convertible notes payable		263		437
Loss from change in fair value of embedded derivative liability		2,680		2,817
Changes in operating assets and liabilities that provided (used) cash and cash equivalents:
Contract receivables		(552)		(248)
Due from related party		—		244
Prepaid expenses and other current assets		(3,865)		23
Accounts payable		778		(120)
Deferred revenue		462		(421)
Accrued and other liabilities		2,801		77
Deferred rent		74		(61)
Net cash and cash equivalents used by operating activities		(25,440)		(9,995)
Cash Flows from Investing Activities
Purchases of property and equipment		(12,617)		(1,020)
Purchase of marketable securities		(75,885)		—
Purchases of intangible assets		(381)		(40)
Net cash and cash equivalents used by investing activities		(88,883)		(1,060)
Cash Flows from Financing Activities
Proceeds from debt		960		923
Proceeds from issuance of Series B preferred stock		135,579		—
Preferred Stock Issuance Costs		(4,511)		—
Payments of debt		(3,557)		(676)
Proceeds from issuance of convertible note payable		4,875		5,125
Proceeds from exercise of Common Stock options		106		23
Proceeds from exercise of Common Stock warrants		15		—
Business Combination, net of transaction costs		495,370		—
Redemption of preferred stock		(6,041)		—
Net cash and cash equivalents provided by financing activities		622,796		5,395
Net Increase (Decrease) in Cash and Cash Equivalents		508,473		(5,660)
Cash and Cash Equivalents - Beginning of year		4,974		10,634

Cash and Cash Equivalents - End of year		513,447		4,974
Supplemental Cash Flow Information - Cash paid for interest	$	144	$	351
Supplemental Cash Flow Information – (Gain) on extinguishment of PPP loan	$	—	$	(923)
Supplemental Cash Flow Information – Net Assets acquired in Business Combination	$	(100,697)	$	—


		Depreciable Life - Years
Commercial production equipment		5 years
Laboratory equipment		5 years
Furniture and fixtures		5-7 years
Computer equipment		3-5 years
Leasehold improvements		Lesser of asset life or lease term


	Business Combination
Cash – DCRC trust and cash, net of redemptions	$	347,914
Cash – PIPE Financing		195,000
Cash – Sponsor Funds		264
Non-cash net assets acquired from DCRC		(100,697)
Less: transaction costs and advisory fees for Legacy Solid Power allocated to equity		(5,991)
Less: transaction costs and advisory fees for DCRC		(41,897)
Net Business Combination	$	394,593
Add: non-cash net assets acquired from DCRC		100,697
Add: accrued transaction costs and advisory fees		80
Net cash contributions from Business Combination	$	495,370


		Number of Shares
DCRC Class A common stock outstanding prior to Business Combination		43,710,000
DCRC Class B common stock outstanding prior to Business Combination		40,000
Less: redemption of DCRC Class A common stock		(210,171)
Shares of Common Stock issued in PIPE Financing		19,500,000
Shares of Common Stock issued to Legacy Solid Power shareholders		104,518,159
Total shares of Common Stock outstanding immediately after Business Combination		167,557,988


	2021				2020
	Gross Carrying		Accumulated		Gross Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Intangible assets:
Licenses	$	149	$	(42)	$	147	$	(33)
Patents pending		503		—		125		—
Trademarks		9		—		9		—
Trademarks pending		—		—		—		—
Total amortized intangible assets	$	661	$	(42)	$	281	$	(33)


	2021		2020
Various equipment notes payable to banks in monthly installments ranging from $1 to $2, including interest at 6.255 percent to 12.18 percent maturing from April 2022 through December 2022. The notes are collateralized by the financed equipment and guaranteed by a stockholder of the Company.	$	130	$	270
Note payable to a bank in monthly installments beginning on January 1, 2020 of $91, plus interest at the greater of 6.00 percent per annum or the prime rate plus 1.00 percent through December 7, 2021, the date the note was settled.		—		2,454
Total		130		2,724
Less current portion		120		1,235
Long-term portion	$	10	$	1,489


	2021
	Level 1		Level 2		Level 3		Total
Assets
Commercial Paper	$	33,275	$	—	$	—	$	33,275
Corporate Bonds	$	39,593	$	—	$	—	$	39,593
Government Bonds	$	3,017	$	—	$	—	$	3,017
Liabilities
Public Warrants	$	26,483	$	—	$	—	$	26,483
Private Warrants	$	—	$	23,537	$	—	$	23,537


	December 8, 2021			December 31, 2021
Exercise Price	$	11.50		$	11.50
Stock Price	$	13.01		$	8.74
Volatility		48.4	%		48.9	%
Term		5			4.94
Risk-free rate		1.26	%		1.24	%


	2021
December 8, 2021	$	6.07
Change in fair value	$	(3.00)
December 31, 2021	$	3.07


	2021			2020
Approximate risk-free rate		1.04	%		1.29	%
Volatility		41.45	%		43.92	%
Average expected life (years)		6	years		6	years
Dividend yield		0	%		0	%
Weighted-average grant date fair value	$	5.1		$	0.84
Estimated fair value of total options granted	$	25,353		$	246


			Weighted-average
			Remaining
	Number of	Weighted-average	Contractual Term
Options	Shares	Exercise Price	(in years)
Outstanding at January 1, 2020	23,020,981	0.06	7.06
Granted	1,719,754	0.16
Exercised	(1,097,370)	0.02
Forfeited or expired	(167,381)	0.15
Outstanding at December 31, 2020	23,475,984	0.06	6.53

Outstanding at January 1, 2021	23,475,984	0.06	6.53
Granted	12,285,359	5.10
Exercised	(1,160,930)	0.09
Forfeited or expired	(192,464)	0.84
Outstanding at December 31, 2021	34,407,949	1.86	6.98
Exercisable at December 31, 2020	18,023,695	0.04	5.96
Exercisable at December 31, 2021	19,603,474	0.05	5.21


	Years Ended December 31,
	2021		2020

Net Income (loss)	$	18,092	$	(14,375)
Premium paid on repurchase of redeemable convertible preferred stock		(5,436)		—
Net income (loss) attributable to common stockholders	$	12,656	$	(14,375)
Weighted average shares outstanding - basic		95,477,472		69,228,444
Weighted average shares outstanding – diluted		114,910,129		69,228,444

Basic earnings (loss) per share	$	0.13	$	(0.21)
Diluted earnings (loss) per share	$	0.11	$	(0.21)


	2021	2020

Warrant Common Stock	19,333,303	1,023,745
2014 Equity Incentive Plan	—	23,476,182
Total potentially dilutive securities	19,333,303	24,499,927


Years Ending December 31	Amount
2022	$	914
2023		1,125
2024		1,062
2025		779
Thereafter		2,699
Total	$	6,579


	December 31,
	2021		2020
Current income tax (benefit)/expense:
Federal	$	—	$	—
State		—		—
Deferred income tax (benefit)/expense:
Federal		(22)		96
State		(3)		22
Total income tax (benefit)/expense		(25)		118


		Incorporated by Reference
Exhibit Number	Description	Schedule Form	File Number	Exhibit/Annex	Filing Date
2.1	Business Combination Agreement and Plan of Reorganization, dated as of June 15, 2021, by and among the Company, Merger Sub and Legacy Solid Power	424B3	333-258681	Annex A	November 10, 2021
2.2	First Amendment to the Business Combination Agreement, dated October 12, 2021, by and among the Company, Merger Sub and Legacy Solid Power	424B3	333-258681	Annex A-1	November 10, 2021
3.1	Second Amended and Restated Certificate of Incorporation	8-K	001-40284	3.1	December 13, 2021
3.2	Amended and Restated Bylaws	8-K	001-40284	3.2	December 13, 2021
4.1	Specimen Common Stock Certificate	8-K	001-40284	4.1	December 13, 2021
4.2	Specimen Warrant Certificate	8-K	001-40284	4.2	December 13, 2021
4.3	Warrant Agreement, dated March 23, 2021, between the Company and Continental Stock Transfer & Trust Company	8-K	001-40284	4.1	March 26, 2021

4.4	Amended and Restated Registration Rights Agreement	8-K	001-40284	10.2	December 13, 2021
4.5±	Board Nomination and Support Agreement between Solid Power, BMW Holding B.V. and the stockholders of Solid Power listed on Schedule A thereto, dated May 5, 2021	S-4	333-258681	4.4	August 10, 2021
4.6*	Description of Securities
10.1	Private Placement Warrants Purchase Agreement, dated March 23, 2021, between DCRC, the Sponsor and the other purchasers named therein	8-K	001-40284	10.5	March 26, 2021
10.2#	Solid Power, Inc. 2021 Equity Incentive Plan	8-K	001-40284	10.7	December 13, 2021
10.3#	Solid Power, Inc. 2021 Employee Stock Purchase Plan	S-8	333-262714	99.3	February 14, 2022
10.4#	Solid Power, Inc. 2014 Equity Incentive Plan	S-8	333-262714	99.1	February 14, 2022
10.5#	Form of Stock Option Grant Notice under 2014 Equity Incentive Plan	S-8	333-262714	99.4	February 14, 2022
10.6#	Form of Notice of Stock Option Grant under 2021 Equity Incentive Plan	S-8	333-262714	99.5	February 14, 2022
10.7#	Form of Notice of Restricted Stock Unit Grant (Employee) under 2021 Equity Incentive Plan	S-8	333-262714	99.6	February 14, 2022
10.8#	Form of Notice of Restricted Stock Unit Grant (New Director) under 2021 Equity Incentive Plan	S-8	333-262714	99.7	February 14, 2022
10.9#	Form of Notice of Restricted Stock Unit Grant (Annual Award) under 2021 Equity Incentive Plan	S-8	333-262714	99.8	February 14, 2022
10.10±	Joint Development Agreement, dated July 1, 2017, by and among Legacy Solid Power and BMW of North America, LLC	S-4/A	333-258681	10.11	October 13, 2021
10.11±	Amendment No. 1 to Joint Development Agreement, dated February 18, 2021, between Legacy Solid Power and BMW of North America, LLC	S-4/A	333-258681	10.12	October 13, 2021
10.12±	Amendment No. 2 to Joint Development Agreement, dated March 22, 2021, between Legacy Solid Power and BMW of North America, LLC	S-4/A	333-258681	10.13	October 13, 2021
10.13±	Amendment No. 3 to Joint Development Agreement, dated November 1, 2021, between Legacy Solid Power and BMW of North America, LLC	8-K	001-40284	10.15	December 13, 2021

10.14±	Agreement for the Joint Development of Solid State Batteries for Automotive Applications between Ford Motor Company and Legacy Solid Power, dated December 28, 2018	S-4/A	333-258681	10.14	October 13, 2021
10.15±	Series B Preferred Stock Financing Letter Agreement between the Ford Motor Company and Legacy Solid Power, dated May 5, 2021	S-4/A	333-258681	10.15	October 13, 2021
10.16±	Joint Development Agreement, dated October 28, 2021, between Legacy Solid Power and SK Innovation Co., Ltd.	S-4/A	333-258681	10.16	November 2, 2021
10.17	Solid Power, Inc. Outside Director Compensation Policy	8-K	001-40284	10.9	December 13, 2021
10.18#	Solid Power, Inc. Executive Incentive Compensation Plan	8-K	001-40284	10.10	December 13, 2021
10.19#	Solid Power, Inc. Executive Change in Control and Severance Plan	8-K	001-40284	10.11	December 13, 2021
10.20#	Solid Power, Inc. Form of Indemnification Agreement	8-K	001-40284	10.1	December 13, 2021
10.21#	Letter Agreement with Douglas Campbell, dated August 5, 2021	8-K	001-40284	10.3	December 13, 2021
10.22#	Letter Agreement with David Jansen, dated August 5, 2021	8-K	001-40284	10.4	December 13, 2021
10.23#	Letter Agreement with Derek Johnson, dated August 5, 2021	8-K	001-40284	10.5	December 13, 2021
10.24*±#	Offer Letter with Jon Jacobs, dated September 26, 2021
10.25*#	Executive Change in Control and Severance Plan Participation Agreement with Jon Jacobs, dated December 21, 2021
10.26	Lease Agreement between the Company and Red Pierce, LLC, dated November 29, 2016	8-K	001-40284	10.19	December 13, 2021
10.27	Amendment to Lease Agreement between the Company and Red Pierce, LLC, dated December 5, 2017	8-K	001-40284	10.20	December 13, 2021
10.28	Industrial Lease Agreement between the Company and 25 North Investors SPE1, LLC, dated September 1, 2021	8-K	001-40284	10.21	December 13, 2021
21	List of Subsidiaries	S-1	333-261711	21	December 17, 2021