07:59 AM EDT, 09/20/2024 (MT Newswires) -- Solid Power ( SLDP ) said Friday it was selected to begin award negotiations with the US Department of Energy for up to $50 million in federal funding, which the company plans to use for installing a novel sulfide-based manufacturing process at its Thornton, Colorado facility.

The project is expected to increase Solid Power's ( SLDP ) annual electrolyte production capacity from 30 metric tons to 75 metric tons in 2026 and to 140 metric tons in 2028, the company said.

Solid Power ( SLDP ) said it expects to hire up to 40 full-time employees for manufacturing operations over the course of the project.

Shares of the company were up over 4% in recent Friday premarket activity.

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