Solid Power (SLDP) 10-K 28 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 26, 2025	Jun. 28, 2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	001-40284
Entity Registrant Name	SOLID POWER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1888095
Entity Address, Address Line One	486 S. Pierce Ave., Suite E
Entity Address, City or Town	Louisville
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80027
City Area Code	303
Local Phone Number	219-0720
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 274.2
Entity Common Stock, Shares Outstanding		181,992,040
Entity Central Index Key	0001844862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Denver, Colorado
Common stock
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	SLDP
Security Exchange Name	NASDAQ
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50
Title of 12(b) Security	Warrants, each whole warrant exercisablefor one share of common stock at an
Trading Symbol	SLDPW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 25,413	$ 34,537
Marketable securities	92,784	141,505
Contract receivables	1,393	1,553
Prepaid expenses and other current assets	5,646	5,523
Total current assets	125,236	183,118
Long-Term Assets
Property, plant and equipment, net	97,208	99,156
Right-of-use operating lease assets, net	7,490	7,154
Right-of-use finance lease assets, net	856	1,088
Investments	210,400	239,566
Intangible assets, net	2,072	1,650
Other assets	721	1,060
Loan receivable from equity method investee	4,267
Total long-term assets	323,014	349,674
Total assets	448,250	532,792
Current Liabilities
Accounts payable and other accrued liabilities	8,124	6,455
Deferred revenue	3,150	1
Deferred revenue from related parties		828
Accrued compensation	7,578	7,590
Operating lease liabilities	833	626
Finance lease liabilities	285	379
Total current liabilities	19,970	15,879
Long-Term Liabilities
Warrant liabilities	8,735	4,227
Operating lease liabilities	8,023	7,996
Finance lease liabilities	266	552
Other liabilities	942	803
Total long-term liabilities	17,966	13,578
Total liabilities	37,936	29,457
Mezzanine Equity
Mezzanine equity	34
Stockholders' Equity
Common stock, $0.0001 par value; 2,000,000,000 shares authorized; 180,364,028 and 179,010,884 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	18	18
Additional paid-in capital	591,394	588,515
Accumulated deficit	(181,171)	(84,639)
Accumulated other comprehensive income (loss) (AOCI)	39	(559)
Total stockholders' equity	410,280	503,335
Total liabilities, mezzanine equity and stockholders' equity	$ 448,250	$ 532,792

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	180,364,028	179,010,884
Common stock, shares outstanding	180,364,028	179,010,884

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Operations and Comprehensive Loss
Revenue	$ 20,139	$ 17,410
Operating Expenses
Direct costs	20,284	27,731
Research and development	73,341	54,749
Selling, general and administrative	31,847	25,550
Total operating expenses	125,472	108,030
Operating Loss	(105,333)	(90,620)
Nonoperating Income and Expense
Interest income	17,671	20,265
Change in fair value of warrant liabilities	(4,508)	4,890
Interest expense	(46)	(84)
Other expense	(2,977)
Total nonoperating income and expense	10,140	25,071
Pretax Loss	(95,193)	(65,549)
Income tax expense	1,194
Share of net loss of equity method investee	133
Net Loss Attributable to Common Stockholders	(96,520)	(65,549)
Other Comprehensive Income	598	2,600
Comprehensive Loss Attributable to Common Stockholders	$ (95,922)	$ (62,949)
Basic loss per share	$ (0.54)	$ (0.37)
Diluted loss per share	$ (0.54)	$ (0.37)
Weighted average shares outstanding - Basic	179,397,332	178,006,919
Weighted average shares outstanding - Diluted	179,397,332	178,006,919

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive Loss	Total
Balance at the beginning at Dec. 31, 2022	$ 18	$ 577,603	$ (19,090)	$ (3,159)	$ 555,372
Balance at the beginning (in shares) at Dec. 31, 2022	176,007,184
Changes in stockholder's equity
Net Income (Loss)			(65,549)		(65,549)
Withholding of employee taxes related to stock-based compensation		(112)			(112)
Shares of common stock issued under ESPP		434			434
Shares of common stock issued under ESPP (in shares)	287,224
Shares of common stock issued for vested RSUs (in Shares)	226,201
Stock options exercised		220			220
Stock options exercised (in shares)	2,490,275
Unrealized gain on available-for-sale securities				2,600	2,600
Stock-based compensation expense		10,370			10,370
Balance at the end at Dec. 31, 2023	$ 18	588,515	(84,639)	(559)	503,335
Balance at the end (in shares) at Dec. 31, 2023	179,010,884
Changes in stockholder's equity
Net Income (Loss)			(96,520)		(96,520)
Withholding of employee taxes related to stock-based compensation		(615)			(615)
Shares of common stock issued under ESPP		412			412
Shares of common stock issued under ESPP (in shares)	387,664
Shares of common stock issued for vested RSUs (in Shares)	1,229,645
Shares of common stock issued to non-employees (in shares)	298,508
Stock options exercised	$ 1	272			$ 273
Stock options exercised (in shares)	5,141,728				5,141,728
Repurchase and retirement of shares of common stock	$ (1)	(9,162)			$ (9,163)
Repurchase and retirement of shares of common stock (in shares)	(5,704,401)				(5,704,401)
Remeasurement of mezzanine equity			(12)		$ (12)
Unrealized gain on available-for-sale securities				598	598
Stock-based compensation expense		11,972			11,972
Balance at the end at Dec. 31, 2024					34
Balance at the end at Dec. 31, 2024	$ 18	$ 591,394	$ (181,171)	$ 39	$ 410,280
Balance at the end (in shares) at Dec. 31, 2024	180,364,028

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net loss	$ (96,520)	$ (65,549)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:
Depreciation and amortization	16,464	11,962
Amortization of right-of-use assets	900	768
Loss on sales of property, plant, and equipment	1,957
Loss on extinguishment of note receivable	760
Share of net loss of equity method investee	133
Stock-based compensation expense	11,972	10,370
Change in fair value of warrant liabilities	4,508	(4,890)
Accretion of discounts on other long-term liabilities	78	174
Amortization of premiums and accretion of discounts on available-for-sale-securities	(7,829)	(10,975)
Change in operating assets and liabilities that provided (used) cash and cash equivalents:
Contract receivables	160	(31)
Contract receivables from related parties		319
Prepaid expenses and other assets	710	(1,510)
Accounts payable and other accrued liabilities	1,268	1,814
Deferred revenue	3,150	(50)
Deferred revenue from related parties	(828)	(3,172)
Accrued compensation	(11)	3,058
Operating lease liabilities	(771)	(549)
Net cash and cash equivalents used in operating activities	(63,899)	(58,261)
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(15,942)	(34,512)
Purchases of available-for-sale securities	(216,193)	(327,591)
Proceeds from sales of available-for-sale securities	302,966	405,161
Proceeds from sales of property, plant and equipment	77
Cash paid for loan receivable from equity method investee	(5,610)
Cash paid for equity method investment	(656)
Purchases of intangible assets	(438)	(556)
Net cash and cash equivalents provided by investing activities	64,204	42,502
Cash Flows from Financing Activities
Payments of debt		(7)
Proceeds from exercise of stock options	273	220
Proceeds from issuance of shares of common stock under the ESPP	412	434
Cash paid for withholding of employee taxes related to stock-based compensation	(615)	(112)
Repurchase of shares of common stock	(9,072)
Payments on finance lease liabilities	(427)	(362)
Net cash and cash equivalents provided by (used in) financing activities	(9,429)	173
Net decrease in cash and cash equivalents	(9,124)	(15,586)
Cash and cash equivalents at beginning of period	34,537	50,123
Cash and cash equivalents at end of period	25,413	34,537
Supplemental information
Cash paid for interest	46	84
Accrued capital expenditures	$ 1,196	$ 814

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2024
Nature of Business
Nature of Business	Note 1 – Nature of Business Solid Power, Inc. (the “Company”) is developing solid-state battery technology for the battery electric vehicle (“EV”) and other markets. The Company’s planned business model is to sell its electrolyte and to license its cell designs and manufacturing processes.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Significant Accounting Policies	Note 2 – Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements of the Company have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements. Actual results could differ from those estimates. All amounts presented in the footnotes are in thousands, except share and per share amounts or as otherwise indicated. The Consolidated Financial Statements include accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company accounts for its investment in an entity in which the Company does not exercise significant influence or have the obligation to absorb losses or receive benefits as a variable interest entity (“VIE”). The VIE is accounted for under the equity method at the cost of initial investment. The Company evaluates its relationships with the VIE on an ongoing basis, including when the Company believes a loss in value may have occurred which is other than temporary. The Company measures its equity method investment at cost minus impairment, if any, plus or minus the share of the equity method investee’s loss or gain. Activity is included in Investments in the Consolidated Balance Sheets and separately within Share of net loss of equity method investee in the Consolidated Statements of Operations and Comprehensive Loss and within Cash Flows from Investing Activities in the Consolidated Statements of Cash Flows. Segment Reporting The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment as the CODM reviews financial information presented as a single entity for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM manages the business on a consolidated basis and uses consolidated Net Loss Attributable to Common Stockholders as reported in the Consolidated Statements of Operations and Comprehensive Loss as the profit or loss measure in assessing performance and deciding how to allocate resources. The CODM is regularly provided with only the consolidated expenses in the Consolidated Statements of Operations and Comprehensive Loss. See Note 15 – Segment Disclosure for more information. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingencies at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the measurement of revenue for collaborative arrangements, valuation of warrants, valuation of stock-options and useful lives of long-term assets, among others. The Company bases these estimates on historical experience and other assumptions that it believes are reasonable under the circumstances. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2024 and throughout the year, the Company’s cash accounts exceeded federally insured limits. Available-for-Sale Securities The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity, and return. From time to time, the Company may sell certain securities, but the objectives are not to generate profits on short-term differences in price. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income (loss) in stockholders’ equity until realized. Gains and losses on available-for-sale securities are reported on the specific-identification method. Dividend and interest income are recognized when earned. The Company’s available-for-sale securities are recorded within Marketable securities and within Investments in the Consolidated Balance Sheets. Contract Receivables Contract receivables consist of amounts due from government entities and commercial contractors. Management considers all contract receivables collectible and, therefore, the Company has not recorded an allowance for credit losses as of December 31, 2024, and 2023. Amounts for work performed but not billed as of December 31, 2024, and 2023 are included within contract receivables and shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Contract receivables not billed ​ $ 438 ​ $ 302 ​ Credit Risk and Major Customers Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, marketable securities, investments and loan receivables. The Company seeks to mitigate its credit risk with respect to cash and cash equivalents, marketable securities, and investments by making deposits with large, reputable financial institutions and investing in high credit rated instruments. The Company grants credit in the normal course of business to government entities and commercial contractors. The Company periodically monitors the financial condition of its customers to reduce credit risk, but generally does not require collateral to support contract receivables. The table below sets forth revenue and contract receivable concentration for customers that accounted for more than 10% of the Company’s total gross revenue for the years ended December 31, 2024, and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Revenue concentration ​ ​ ​ Number of customers ​ 3 2 Related total revenue percentage 98 % 89 % Contract receivable concentration ​ Number of customers 2 3 Related contract receivables percentage 94 % 97 % ​ Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist primarily of security deposits, prepaid insurance, and other minor miscellaneous expenses paid in advance. Property, Plant and Equipment Property, plant and equipment are recorded at cost. The Company capitalizes property, plant and equipment with useful lives exceeding one year. Assets are depreciated over their estimated useful lives. The straight-line method is used for computing depreciation. Depreciation expenses are recorded within Operating Expenses in the Consolidated Statements of Operations and Comprehensive Loss. Cost of maintenance and repairs are charged to expense when incurred. Construction in progress related to specialized equipment will be reclassified as Property, plant and equipment and depreciated, once placed in service. ​ ​ ​ ​ ​ Depreciable Life Production equipment ​ 5 years Laboratory equipment ​ 5 years Furniture and Computer Equipment 3- 7 Leasehold improvements Lesser of asset life or lease term ​ Investments The Company considers all available-for-sale securities with an original maturity of less than 12 months when purchased to be marketable securities. The Company considers all available-for-sale securities with an original maturity of 12 months or more when purchased to be investments. The Company records its investments in non-marketable equity securities in accordance with Accounting Standards Codification (“ASC”) 321 – Investments - Equity Securities. Under the measurement alternative, carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments are determined at fair value as of the transaction date. The Company’s equity securities investment is presented in Investments in the Consolidated Balance Sheets. The Company’s non-marketable equity securities investment, as noted in Note 11 – Related Party Transactions, is evaluated for impairment based on qualitative factors, including the investee’s financial and liquidity position and access to capital resources, among others. When indicators of impairment exist, a loss is recorded equal to the difference between the fair value and carrying value of the investment. The Company acquired an equity interest in Dahae Energy Co., Ltd (“Dahae”) in October 2024. The Company has determined that Dahae is a VIE. The Company does not have a controlling financial interest in Dahae and, therefore, accounts for its investment using the equity method of accounting. As a result of the Company’s interest in Dahae, Dahae is considered a related party. See Note 11 – Related Party Transactions for more information. Loan Receivable from Equity Method Investee The Company accounts for its loan receivable from its equity method investee, Dahae at its stated principal amount, net of any discount or premium. The related discounts or premiums on the loan receivable are amortized or accreted over the term of the loan receivable. The Company classifies its loan receivable on a current (due within 12 months of reporting date) and a long-term (due in excess of 12 months from reporting date) basis in accordance with the stated maturity date. Interest income is accrued based on the contractual terms which are payable on a quarterly basis. Interest income from the loan receivable is presented as Interest income in the Consolidated Statements of Operations and Comprehensive Loss. Any interest receivable from the loan receivable represents a current asset within Prepaid expenses and other current assets in the Consolidated Balance Sheets. The Company applies ASC 326 – Measurement of Credit Losses on Financial Instruments to financial assets measured at amortized cost, including the loan receivable from Dahae. The Company utilizes the discounted cash flow method to estimate current expected credit losses. The Company has not recognized an allowance for current expected credit losses on its loan receivable and does not have any loans receivable in nonaccrual status. See Note 11 – Related Party Transactions for more information. Intangible Assets Intangible assets consist of licenses and costs incurred for pending patents and trademarks. Licenses consist of rights to use patents and are amortized over their estimated useful life of three Leases The Company accounts for its leases under ASC 842 – Lease Accounting. Under this guidance, the Company classifies contracts meeting the definition of a lease as operating or financing leases, and leases are recorded in the Consolidated Balance Sheets as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses, including common maintenance fees, insurance and property tax, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets. The Company excludes short-term leases having initial terms of 12 months or less as an accounting policy election and instead recognizes rent expense on a straight-line basis over the lease term. Stock-Based Compensation Stock-based compensation primarily consists of stock options, restricted stock units (“RSUs”), and restricted stock grants to non-employees. Expenses for stock-based compensation are measured based on fair value on the date of the grant and recognized over the prescribed vesting schedule as described within Note 8 – Stock-Based Compensation. The estimated fair value of stock options on the date of grant is calculated using the Black-Scholes option-pricing model and is affected by the Company’s stock price, as well as assumptions regarding risk-free rate, dividend yield, and the historical volatility of comparable entities. The estimated fair value of RSUs is determined based on the number of shares granted and the closing price for of the Company’s common stock one business day before the grant date. The Company accounts for forfeitures as they occur. Employee compensation cost is recognized on a straight-line basis over the requisite vesting service period and is recorded within Operating Expenses in the Consolidated Statements of Operations and Comprehensive Loss. The Company recognizes expenses for restricted stock grants to non-employees based on the grant date fair value of the restricted stock, which is based on the closing price of the Company’s common stock one business day before the grant date. Non-employee stock-based compensation expenses are recognized on a straight-line basis over the non-employee vesting period. Non-employee stock-based compensation related to restricted stock grants is recognized within Share of net loss of equity method investee in the Consolidated Statements of Operations and Comprehensive Loss. Revenue The Company records revenue in accordance with ASC 808 – Collaborative Arrangements. Revenue recognition is recorded by analogy to ASC 606 – Revenue from Contracts with Customers. These agreements include the following components: parties to the contract are active participants, both parties are exposed to significant risks and rewards, and both parties are dependent on the commercial success of the efforts under the contract. R Deferred revenue represents cash collected in advance of revenue recognized. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Deferred revenue ​ $ 3,150 ​ $ 1 Deferred revenue from related parties ​ ​ — ​ ​ 828 ​ Warrant Liabilities The Company accounts for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 – Distinguishing Liabilities from Equity and ASC 815 – Hedge Accounting. Warrants recorded as liabilities are recorded at their fair value within Warrant liabilities in the Consolidated Balance Sheets and are remeasured on each reporting date with changes recorded in Change in fair value of warrant liabilities in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Fair Value Measurements The Company applies fair value accounting for selected financial assets and liabilities measured on a recurring and nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance ASC 820 – Fair Value Measurement established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, used to determine the fair value of its financial instruments. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 – inputs are market data, other than Level 1 inputs, that are observable either directly or indirectly, including quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 – inputs are unobservable and corroborated by little or no market data. Research and Development ​ Income Taxes The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the Consolidated Financial Statements or tax returns. Deferred tax liabilities and assets are determined based on the differences between the Consolidated Financial Statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. The measurement of deferred tax assets is reduced, if necessary, by the amount of any uncertain tax positions or tax benefits that are not expected to be realized based on available evidence. The Company records deferred tax assets and associated valuation allowances, when appropriate, to reflect amounts more likely than not to be realized based on the Company’s analysis. The Company’s temporary differences result primarily from capitalization of certain qualifying research and development expenses, accruals and reserves, depreciation of property, plant and equipment, stock compensation expense, capitalization of operating or financing leases, and net operating loss carryovers. The Company provides deferred U.S. federal, state, or foreign income tax benefits for periods presented. The Company has also provided a valuation allowance on the net deferred tax asset because of uncertainty regarding realizability. Realization of deferred tax assets is dependent on generating sufficient taxable income prior to the expiration of loss carryforwards. The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized in the Consolidated Financial Statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Interest and penalties associated with tax positions are recorded in the period assessed as Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Loss. No interest or penalties have been assessed during the years ended December 31, 2024 and 2023. Basic and Diluted Loss per Share of Common Stock Basic loss per share is based on the weighted average number of shares of common stock outstanding for the period. Basic loss per share represents Net Loss Attributable to Common Stockholders divided by the weighted average number of shares of common stock outstanding for the period. Diluted loss per share includes the dilutive effect of additional potential shares of common stock issuable from stock-based awards and grants determined using the treasury stock method. Diluted loss per share represents Net Loss Attributable to Common Stockholders divided by diluted weighted average number of shares of common stock, which includes the average dilutive effect of all potentially dilutive securities outstanding for the period. ​ Foreign Currency ​ Recent Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. Effective December 31, 2024, the Company adopted ASU 2023-07 on a retrospective basis. See “—Segment Reporting” above and Note 15 – Segment Disclosure for more information. Income Taxes In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is evaluating the impact of ASU 2023-09 and anticipates that it may result in additional required disclosures in the Company’s Consolidated Financial Statements for the year ending December 31, 2025. Income Statement In November 2024, the FASB issued ASU No. 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. ASU 2024-03 can be applied either prospectively to financial statements or retrospectively to any prior periods presented in the financial statements. The Company is evaluating the disclosure impact of ASU 2024-03.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment
Property, Plant and Equipment	Note 3 – Property, Plant, and Equipment Property, plant, and equipment are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Production equipment ​ $ 41,750 ​ $ 36,086 Laboratory equipment ​ ​ 12,611 ​ ​ 9,910 Leasehold improvements ​ 73,114 ​ 59,109 Furniture and computer equipment ​ 4,298 ​ 3,915 Construction in progress ​ 5,141 ​ 13,650 Total cost ​ 136,914 ​ 122,670 Accumulated depreciation ​ (39,706) ​ (23,514) Net property, plant and equipment ​ $ 97,208 ​ $ 99,156 ​ Depreciation expenses for dedicated laboratory equipment and production equipment are charged to research and development. The other depreciation expenses are included in the Company’s overhead and are allocated across Operating Expenses based on Company personnel costs incurred. Depreciation expenses related to property, plant, and equipment are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Depreciation expense ​ $ 16,449 ​ $ 11,947 ​ ​ The Company expanded its pilot electrolyte production to produce larger quantities of electrolyte to feed cell-production lines and continue research and development efforts at its Thornton, Colorado facility (“SP2”). The Company began producing electrolyte at SP2 in 2023. The Company also built an electrolyte innovation center (the “EIC”) at SP2 to design, improve, and test electrolyte manufacturing processes. The Company placed nearly all of the EIC into service in 2024 and expects to place the remaining portion in service by the end of the first quarter 2025. Construction in progress related to property, plant, and equipment is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Construction in progress 2024 2023 SP1 – Capital projects ​ $ 1,896 ​ $ 2,298 SP2 – Increased scale electrolyte production ​ 3,245 ​ 11,352 ​

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2024
Intangible Assets
Intangible Assets	Note 4 – Intangible Assets Intangible assets are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ ​ Gross Carrying ​ Accumulated ​ Gross Carrying ​ Accumulated ​ ​ Amount Amortization Amount Amortization Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 149 ​ $ (69) ​ $ 149 ​ $ (61) Patents ​ ​ 135 ​ ​ (12) ​ ​ 92 ​ ​ (5) Patents pending ​ ​ 1,831 ​ — ​ 1,444 ​ — Trademarks ​ ​ 13 ​ ​ — ​ ​ 13 ​ ​ — Trademarks pending ​ ​ 25 ​ — ​ 18 ​ — Total amortized intangible assets ​ $ 2,153 ​ $ (81) ​ $ 1,716 ​ $ (66) ​ Amortization expense for intangible assets is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Amortization expense ​ $ 15 ​ $ 15 ​ ​ Useful lives of intangible assets range from three

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	Note 5 – Fair Value Measurements The carrying amounts of certain financial instruments, such as cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate fair value due to their relatively short maturities. The difference between the amortized cost and fair value of available-for-sale securities as of December 31, 2024 was not material. As of December 31, 2024, 100% of the Company’s marketable securities had a maturity of less than one year. As of December 31, 2024, 99% of the Company’s investments had a maturity between one to five years and 1% of the Company’s investments had a maturity between five and ten years. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of December 31, 2024 and 2023, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Level 1 Level 2 Level 3 Total Assets Balance Sheet Classification ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Marketable securities ​ $ 47,046 ​ $ — ​ $ — ​ $ 47,046 Corporate bonds Marketable securities ​ $ 28,614 ​ $ — ​ $ — ​ $ 28,614 Corporate bonds Investments ​ $ 173,369 ​ $ — ​ $ — ​ $ 173,369 Government bonds Investments ​ $ 35,904 ​ $ — ​ $ — ​ $ 35,904 U.S. treasuries Marketable securities $ 17,124 ​ $ — ​ $ — $ 17,124 Bifurcated embedded derivative Loan receivable from equity method investee ​ $ — ​ $ — ​ $ 584 ​ $ 584 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants Warrant liabilities ​ $ 5,537 ​ $ — ​ $ — ​ $ 5,537 Private Placement Warrants Warrant liabilities ​ $ — ​ $ 3,198 ​ $ — ​ $ 3,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Level 1 Level 2 Level 3 Total Assets Balance Sheet Classification ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Marketable securities ​ $ 84,909 ​ $ — ​ $ — ​ $ 84,909 Corporate bonds Marketable securities ​ $ 48,135 ​ $ — ​ $ — ​ $ 48,135 Corporate bonds Investment ​ $ 191,338 ​ $ — ​ $ — ​ $ 191,338 Government bonds Marketable securities ​ $ 8,461 ​ $ — ​ $ — ​ $ 8,461 Government bonds Investment ​ $ 48,228 ​ $ — ​ $ — ​ $ 48,228 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants Warrant liabilities ​ $ 2,505 ​ $ — ​ $ — ​ $ 2,505 Private Placement Warrants Warrant liabilities ​ $ — ​ $ 1,722 ​ $ — ​ $ 1,722 ​ There were no transfers in and out of Level 3 fair value hierarchy during the years ended December 31, 2024 and 2023. The following table provides the available-for-sale securities purchased during the years ended December 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Available-for-sale securities purchased ​ $ 216,193 ​ $ 327,591 ​ Fair Value of Bifurcated Embedded Derivative The fair value of the bifurcated embedded derivative (the “Derivative”) has been estimated using the with-and-without method as of December 31, 2024 using Level 3 unobservable inputs and Level 2 directly or indirectly observable inputs, including estimated credit rating, risk-free interest rates, and expected future cash flows. Material increases or decreases in any of those inputs may result in a significantly higher or lower fair value measurement. Material increases or decreases in expected future cash flows may result in a significantly higher or lower estimated fair value of the Derivative. See Note 11 – Related Party Transactions for more information. Fair Value of Warrants The fair value of the private placement warrants issued as part of the Company’s business combination in 2021 (the “Private Placement Warrants”) have been estimated using a Black-Scholes model as of December 31, 2024 and 2023. The estimated fair value of the Private Placement Warrants is determined using Level 2 directly or indirectly observable inputs. Inherent in a Black-Scholes model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate, and dividend yield. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement. The Company estimates the volatility of its Private Placement Warrants based on implied volatility from the Company’s publicly-traded warrants (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”) and from historical volatility of select peer companies’ common stock that matches the expected remaining life of the Warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve for a maturity similar to the expected remaining life of the Warrants. The dividend yield is based on the historical rate, which the Company anticipates remaining at zero. The fair value of the Public Warrants has been measured based on the quoted price of such warrants on the Nasdaq Stock Market, a Level 1 input. The following table provides quantitative information regarding Level 2 inputs used in the recurring valuation of the Private Placement Warrants as of their measurement dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Exercise price ​ $ 11.50 ​ $ 11.50 ​ Stock price ​ $ 1.89 ​ $ 1.45 ​ Volatility ​ 124.8 % 95.0 % Term (in years) ​ 1.94 ​ 2.94 ​ Risk-free rate ​ 4.16 % 3.94 % ​ The following table provides a rollforward (per Warrant) of the Public Warrants measured at fair value using Level 1 inputs and Private Placement Warrants measured at fair value using Level 2 inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ Private Placement Warrants ​ Level 1 Fair Value Level 2 Fair Value December 31, 2023 ​ $ 0.19 ​ $ 0.28 Change in fair value ​ $ 0.23 ​ $ 0.24 December 31, 2024 ​ $ 0.42 ​ $ 0.52 ​ See Note 6 – Warrant Liabilities for more information.

Warrant Liabilities

Warrant Liabilities	12 Months Ended
	Dec. 31, 2024
Warrant Liabilities.
Warrant Liabilities	Note 6 –Warrant Liabilities The table below provides a summary of the outstanding Public and Private Placement Warrants. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Public Warrants ​ ​ 13,182,501 ​ ​ 13,182,501 Private Placement Warrants ​ ​ 6,150,802 ​ ​ 6,150,802 ​ Each whole Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to customary adjustments. Only whole Warrants are exercisable. The Warrants became exercisable on January 7, 2022 and will expire on December 8, 2026. Redemption of Public Warrants When Price per Share of Common Stock Equals or Exceeds $18.00 The Company may redeem all of the outstanding Public Warrants: ● in whole and not in part; ● upon at least 30 days ’ prior written notice; ● at a price of $0.01 per Public Warrant; and ● if the last sale price of the Company’s common stock equals or exceeds $18.00 per share, subject to customary adjustments, for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which notice of the redemption is given. Redemption of Public Warrants When Price per Share of Common Stock Equals or Exceeds $10.00 The Company may redeem all of the outstanding Public Warrants: ● in whole and not in part; ● upon at least 30 days ’ prior written notice; ● at a price of $0.10 per Public Warrant, provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive a number of shares of the Company’s common stock determined in part by the redemption date and the “fair market value” of the common stock; and ● if the last sale price of the Company’s common stock equals or exceeds $10.00 per share, subject to customary adjustments, on the trading day prior to the date on which notice of redemption is given. The “fair market value” of the Company’s common stock means the average reported last sale price of the Company’s common stock for the ten None of the Private Placement Warrants are redeemable by the Company so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. The table below provides the fair value of warrant liabilities at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Fair value of warrant liabilities ​ $ 8,735 ​ $ 4,227 ​ The table below provides the gain (loss) recognized in connection with changes in fair value of warrant liabilities at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Gain (loss) recognized associated with warrant liabilities ​ $ (4,508) ​ $ 4,890 ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Stockholders' Equity	Note 7 – Stockholders’ Equity Common Stock Stock options exercised for common stock, shares of common stock issued under the Solid Power, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”), shares of common stock issued upon vesting of RSUs, shares of restricted stock issued to non-employees, and shares of common stock repurchased under the stock repurchase program for the years ended December 31, 2024 and 2023 are summarized in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ ​ 2024 2023 ​ Shares of common stock issued upon exercise of stock options ​ 5,141,728 ​ 2,490,275 ​ Shares of common stock issued under the ESPP ​ 387,664 ​ 287,224 ​ Shares of common stock issued upon vesting of RSUs ​ 1,229,645 ​ 226,201 ​ Shares of restricted common stock issued to non-employees ​ 298,508 ​ — ​ Shares of common stock repurchased ​ (5,704,401) ​ — ​ ​ The table below presents the cash received or paid associated with common stock related activities for the years ended December 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 ​ 2023 Cash received from exercise of stock options ​ $ 273 ​ $ 220 Cash received from shares of common stock issued under the ESPP ​ ​ 412 ​ ​ 434 Cash paid for shares of common stock repurchased ​ ​ (9,072) ​ ​ — ​ Stock Repurchase Program On January 23, 2024, the Company announced that its Board of Directors (the “Board”) approved a stock repurchase program authorizing the Company to purchase up to $50,000 of the Company’s outstanding common stock. Under the repurchase program, the Company may purchase shares of its common stock from time to time until the repurchase program expires on December 31, 2025. The table below presents the number of shares repurchased and retired, the aggregate cost paid to repurchase such shares of common stock, including principal and commissions paid and excise tax accrued, and the average cost paid per share of common stock repurchased and retired for the year ended December 31, 2024. The repurchased shares were subject to excise tax of 1% of which is accounted for within Additional paid-in capital and accrued within Accounts payable and other current liabilities in the Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2024 Repurchased and retired shares of common stock ​ ​ 5,704,401 Principal paid for shares of common stock ​ $ 8,959 Commissions paid for shares of common stock ​ $ 113 Total cash paid to repurchase and retire shares of common stock ​ $ 9,072 Excise tax accrued ​ $ 90 Average cost paid per share ​ $ 1.59 ​

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2024
Stock Based Compensation
Stock Based Compensation	Note 8 – Stock-Based Compensation 2014 Plan and 2021 Plan Options granted under the Solid Power, Inc. 2014 Equity Incentive Plan (the “2014 Plan”) have a ten-year term and vest as to 1/4 balance Options granted under the Solid Power, Inc. 2021 Equity Incentive Plan (the “2021 Plan”) during 2022 have a ten-year term and vest as to 1/4th of these shares per year beginning one year after the initial date of service of a service provider. Options granted under the 2021 Plan during 2023 and 2024 have a ten-year term and vest as to 1/4th of the shares one year after the initial date of service of a service provider then 6.25% per quarter thereafter. Option awards under the 2021 Plan were granted with an exercise price equal to the fair market value of the Company’s common stock at the date of grant. Certain option awards issued under the 2021 Plan provide for accelerated vesting if there is a change in control (as defined in the plan agreements). Effective April 1, 2022, the Company began granting RSUs in accordance with the terms of the 2021 Plan. The grant date fair value of RSUs awarded are determined based on the Company’s closing common share price on the Nasdaq on the trading day preceding the grant date. RSU awards for employees granted during 2022 generally vest 25% per year commencing on the first anniversary of the grant date. RSU awards for employees granted during 2023 and 2024 generally vest 25% on the first anniversary of the grant date then 6.25% per quarter thereafter. RSU awards upon initial service as a director vest in 12 equal quarterly installments. For initial service grants, vested RSUs are settled in common stock upon the earlier of the director no longer serving on the Board or the date the RSU has fully vested. Annual RSU awards to directors generally fully vest on the one-year anniversary of the grant date. Upon vesting, granted RSUs entitle the grantee to receive one share of common stock of the Company at no additional cost. Holders of unvested RSUs do not have voting or dividend rights. At December 31, 2023 and 2024, the Company had 17,134,781 and 11,241,546 shares of common stock underlying stock options outstanding under the 2014 Plan, respectively. No additional grants under the 2014 Plan are permitted. Beginning on January 1, 2022, the number of shares of common stock available for issuance under the 2021 Plan shall increase annually by an amount equal to the lesser of (i) 18,900,000 shares of common stock, (ii) five percent (5%) of the total number of shares of common stock outstanding on the last day of the immediately preceding fiscal year, or (iii) a number of shares of common stock determined by the administrator no later than the last day of the immediately preceding fiscal year. On January 1, 2022, 2023, and 2024, the number of shares of common stock available for issuance under the 2021 Plan increased by 8,377,899, 0, and 8,950,544 shares of common stock, respectively. As of December 31, 2023, and 2024, the 2021 Plan permitted the Company to grant up to 22,369,304 and 28,196,225 shares of common stock, respectively, to its employees, directors, and consultants, as designated by the Board. As of December 31, 2023 and 2024, the Company had 9,144,657 and 17,174,592 shares of common stock underlying options awards and RSU awards outstanding under the 2021 Plan, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Option awards granted under 2021 Plan ​ ​ 6,324,127 ​ ​ 5,176,889 RSU awards granted under 2021 Plan ​ ​ 6,792,700 ​ ​ 4,663,079 ​ Restricted Stock Grants to Non-employees On October 21, 2024, the Company granted shares of restricted stock to non-employees pursuant to the provisions of Regulation S under the Securities Act of 1933, as amended. These grants were not granted as part of any existing plan. The restricted stock grants vest over a four-year period, subject to forfeiture upon the applicable non-employee ceasing to provide services to Dahae or upon Dahae’s default on the financing instruments entered into between the Company and Dahae on October 21, 2024. No additional shares of restricted stock are authorized for issuance under the restricted stock grants to the non-employees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Restricted stock grants to non-employees ​ ​ 298,508 ​ ​ — ​ Compensation Expense for Stock-Based Compensation The fair value of stock options and RSUs issued to employees and directors is recognized as compensation expense over the vesting period of the award. The fair value of the restricted stock grants issued to non-employees is recognized straight-line over the vesting period of the grant. The Company accounts for forfeitures as they occur. For the years ended December 31, 2024 and 2023, the Company recognized compensation costs totaling: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Stock-based compensation costs related to RSUs ​ $ 5,662 ​ $ 3,427 Stock-based compensation costs related to stock options ​ 6,138 ​ 6,774 Stock-based compensation costs related to the ESPP ​ ​ 172 ​ ​ 169 Total equity-based compensation costs ​ $ 11,972 ​ $ 10,370 ​ The unrecognized future compensation costs as of December 30, 2024 and 2023 were $20,549 and $23,922, respectively. The Company records compensation across Operating Expenses within the following financial statement lines: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Direct costs ​ $ 1,131 ​ $ 3,751 Research and development ​ ​ 4,463 ​ ​ 4,826 Selling, general and administrative ​ ​ 6,378 ​ ​ 1,793 Total equity-based compensation cost ​ $ 11,972 ​ $ 10,370 ​ The fair value of restricted stock grants to non-employees is recognized over the vesting period. The Company recognized $22 within Share of net losses of equity method investee in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2024. No amounts were recognized during the year ended December 31, 2023. Stock Options For purposes of determining the compensation cost, the fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model that uses the weighted-average assumptions noted in the following table. Expected volatilities are based on historical volatility of comparable companies. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each stock option grant during the years ended December 31, 2024 and 2023 was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Approximate risk‑free rate ​ ​ 4.23 % ​ 4.17 % Volatility ​ ​ 48.1 % ​ 46.91 % Average expected life (in years) ​ ​ 6 ​ ​ 6 ​ Dividend yield ​ ​ 0 % ​ 0 % Weighted‑average grant date fair value ​ $ 0.82 ​ $ 1.42 ​ Estimated fair value of total stock options granted ​ $ 5,175 ​ $ 7,815 ​ ​ A summary of option activity under the 2014 Plan and 2021 Plan for the year ended December 31, 2024 is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted-average ​ Contractual Term Options Options Exercise Price (in years) Outstanding at January 1, 2024 ​ 24,264,016 ​ $ 2.53 ​ 7.03 Granted ​ 6,324,127 ​ $ 1.59 ​ ​ Exercised ​ (5,141,728) ​ $ 0.05 ​ ​ Forfeited or expired ​ (4,840,722) ​ $ 3.26 ​ ​ Outstanding at December 31, 2024 ​ 20,605,693 ​ $ 2.45 ​ 6.68 ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2023 ​ 16,662,487 ​ $ 1.99 ​ 4.87 Exercisable at December 31, 2024 ​ 12,275,078 ​ $ 2.48 ​ 5.27 ​ Cash received from options exercised under the 2014 Plan and 2021 Plan during the years ended December 31, 2024 and 2023 was $273 and $220, respectively. The aggregate intrinsic value of exercisable options at December 31, 2024 was $9,427. The aggregate intrinsic value of exercised options at December 31, 2024 and 2023 was $7,282 and $70,115 . The aggregate intrinsic value of options outstanding at December 31, 2024 was Restricted Stock Units The following table summarizes unvested RSUs at December 31, 2024 and the changes for the year ended December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted-average ​ ​ RSUs ​ Grant Date Fair Value Balance at December 31, 2023 ​ 4,473,016 ​ ​ 3.30 Granted ​ 6,792,700 ​ ​ 1.58 Vested or Exercised ​ (1,601,279) ​ ​ 2.89 Forfeited ​ (1,463,884) ​ ​ 2.26 Balance at December 31, 2024 ​ 8,200,553 ​ ​ 3.10 ​ The unvested RSUs had no intrinsic value as of December 31, 2024. Restricted Stock Grants to Non-employees ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted-average ​ ​ Grants ​ Grant Date Fair Value Balance at December 31, 2023 ​ — ​ — Granted ​ 298,508 ​ 1.23 Vested ​ (59,702) ​ 1.23 Forfeited ​ — ​ — Balance at December 31, 2024 ​ 238,806 ​ 1.23 ​ ESPP The ESPP originated with 3,778,000 shares of common stock available for issuance. Beginning on January 1, 2022, the number of shares of common stock available for issuance under the ESPP shall increase annually by an amount equal to the lesser of (i) 3,778,000 shares of common stock (ii) one percent (1%) of the total number of shares of common stock outstanding on the last day of the immediately preceding fiscal year or (iii) a number of shares of common stock determined by the administrator no later than the last day of the immediately preceding fiscal year. On January 1, 2022, the number of shares of common stock available for issuance under the ESPP increased by 1,685,579 shares of common stock. There were no increases to the number of shares of common stock available for issuance under the ESPP on January 1, 2023 or 2024. As of December 31, 2024 and 2023, 4,788,691 and 5,176,355 shares remained available for issuance, respectively. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. Substantially all employees are eligible to participate and, through payroll deductions, can purchase shares on dates determined by the administrator. However, with respect to the Section 423 Component (as defined in the ESPP), an employee may not be granted rights to purchase stock under the ESPP if the employee, immediately after the grant, would own (directly or through attribution) stock possessing 5% or more of the total combined voting power or value of all classes of the Company’s common stock. The purchase price per share sold pursuant to the ESPP will be the lower of (i) 85% of the fair market value of common stock on the enrollment or (ii) 85% of the fair market value on the exercise date. Each offering period will span up to six months. Purchases may be up to 15% of qualified compensation, with an annual limit of $25 and a limit of 5,000 shares per employee per offering period.

Basic and Diluted Loss Per Shar

Basic and Diluted Loss Per Share	12 Months Ended
	Dec. 31, 2024
Basic and Diluted Loss Per Share
Basic and Diluted Loss Per Share	Note 9 – Basic and Diluted Loss Per Share The table below sets forth the basic and diluted loss per share calculation for the years ended December 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 ​ 2023 ​ Net loss attributable to common stockholders ​ $ (96,520) ​ $ (65,549) ​ Weighted average shares outstanding – basic and diluted ​ ​ 179,397,332 ​ ​ 178,006,919 ​ Basic and diluted loss per share ​ $ (0.54) ​ $ (0.37) ​ ​ Due to the net loss for the years ended December 31, 2024 and 2023, diluted loss per share was computed without consideration of potentially dilutive instruments as their inclusion would have been anti-dilutive. The table below sets forth (in shares) potentially dilutive securities excluded from the diluted loss per share calculation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Warrants ​ 19,333,303 19,333,303 ​ 2014 Plan & 2021 Plan - stock options ​ 22,969,681 25,877,631 ​ 2021 Plan - RSUs ​ 7,076,624 3,477,809 ​ ESPP - common stock ​ 60,037 ​ 67,724 ​ Non-employee restricted stock grants - common stock ​ 8,658 ​ — ​ Total potentially dilutive securities ​ 49,448,303 ​ 48,756,467 ​ ​

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases
Leases	Note 10 – Leases The Company leases its facilities and certain equipment. Fixed rent escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance, and common area maintenance. The Company’s facility in Louisville, Colorado (“SP1”) is under a noncancelable operating lease with a maturity date in December 2029. In 2022, the Company amended this operating lease to incorporate a prior subleased space into the base lease and extend the term of the lease. In 2024, the Company amended this operating lease to incorporate additional space and further extend the term of the lease. The Company has the right to renew this operating lease for an additional five-year period. On September 1, 2021, the Company entered into an industrial operating lease agreement for its facility in Thornton, Colorado, or SP2, with the initial term through March 31, 2029. Under this operating lease, the Company has one option to renew for five years, which has been included in the calculation of lease liabilities and right-of-use assets as the exercise of the option was reasonably certain. As the renewal rent has not been negotiated, the Company used an estimated rent rate which approximated the fair market rent at adoption of ASC 842 on January 1, 2022 for the extension period. The Company has certain equipment leases classified as finance leases as of December 31, 2024. The Company’s leases do not have any contingent rent payments and do not contain residual value guarantees. The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Finance lease costs: ​ ​ ​ Amortization of right-of-use assets ​ $ 232 ​ $ 197 Interest on lease liabilities ​ 46 ​ 53 Operating lease costs ​ 1,209 ​ 1,160 Total lease expense ​ $ 1,487 ​ $ 1,410 ​ The components of cash flow information related to leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 ​ Operating outgoing cash flows – finance leases ​ $ 47 ​ $ 54 ​ Financing outgoing cash flows – finance leases ​ 377 ​ 308 ​ Operating outgoing cash flows – operating leases ​ 1,320 ​ 1,138 ​ Right-of-use assets obtained in exchange for new finance lease liabilities: ​ ​ — ​ ​ 345 ​ Right-of-use assets obtained in exchange for new and modified operating lease liabilities: ​ ​ 1,005 ​ ​ — ​ ​ ​ ​ ​ ​ ​ December 31, 2024 Finance lease ​ Weighted-average remaining lease term – finance leases (in years) 2.19 ​ Weighted-average discount rate – finance leases 6.6 % Operating lease ​ ​ Weighted-average remaining lease term – operating leases (in years) 8.01 ​ Weighted-average discount rate – operating leases 6.5 % ​ As of December 31, 2024, future minimum payments during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2025 ​ $ 310 ​ $ 1,359 2026 ​ ​ 179 ​ ​ 1,403 2027 ​ ​ 85 ​ ​ 1,448 2028 ​ ​ 16 ​ ​ 1,494 2029 ​ ​ — ​ ​ 1,548 Thereafter ​ ​ — ​ ​ 4,031 Total ​ ​ 590 ​ ​ 11,283 Less present value discount ​ ​ 39 ​ ​ 2,427 Total lease liabilities ​ $ 551 ​ $ 8,856 ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions
Related Party Transactions	Note 11 – Related Party Transactions BMW of North America LLC During 2022, the Company amended its joint development agreement (“JDA”) with BMW of North America LLC (“BMW”) to provide a research and development-only license to certain of the Company’s intellectual property relating to cell manufacturing. The license allows, among other things, BMW to install a solid-state prototype cell manufacturing line based on the Company’s proprietary information. The license is limited to BMW’s research and development activities and may not be used for commercial battery cell production. During 2024, the Company further amended its JDA with BMW to extend the term of the JDA, revise the payment schedule, and revise certain deliverables and the timing to achieve various milestone and development targets and confirm cell performance requirements. During 2024, BMW also purchased certain cell materials from the Company for approximately $132. Before BMW’s installation of its cell manufacturing line, the Company and BMW have agreed to joint development and manufacturing activities at the Company’s facilities. Any intellectual property developed jointly by the Company and BMW at the Company’s facilities will be solely owned by the Company. To the extent intellectual property is jointly conceived elsewhere, the Company and BMW will jointly own such intellectual property. The intellectual property developed by us or BMW individually will be owned by such party. Both parties will have the right to utilize the other party’s technical improvements for research and development purposes only. The Company, with certain limitations, has the right to cause BMW to license BMW’s technical improvements to the Company for commercial purposes. BMW will pay the Company $20,000 between December 2022 and June 2025, subject to the Company achieving certain milestones. For the year ended December 31, 2024, the Company recognized $5,410 of revenue from BMW. For the year ended December 31, 2023, the Company recognized $12,700 of revenue from BMW and recorded $828 of deferred revenue related to cash paid from BMW in advance of services provided. Ford Motor Company During 2024, the Company amended its JDA with Ford Motor Company (“Ford”) to extend the term of the JDA and revise certain deliverables and the schedule for delivery to Ford during the term of the JDA. Dahae Energy Co., Ltd. The Company acquired a 20% equity interest in Dahae for $656 (including $256 of transaction costs) and recorded the investment using the equity method of accounting. See Note 2 – Significant Accounting Policies for more information. The Company extinguished an existing promissory note from Dahae in exchange the Bond with the Detachable Warrants and the Derivative. At the time of extinguishment, the Company recognized a loss of $760 for the difference between the promissory note balance prior to extinguishment and the fair value of the instruments and rights received. The Bond has an explicit interest rate of 3%, maturity date of April 26, 2034, and par value of $4,448. On October 21, 2024, the fair value of the Bond was $2,497 and the Derivative was recorded at a fair value upon acquisition of $584. As of December 31, 2024, the Bond had an unamortized discount of $1,927. The change in value of the Derivative between October 21, 2024 and December 31, 2024, was immaterial. The Bond and the Derivative are recorded in Loan receivable from equity method investee in the Consolidated Balance Sheets. The Company recorded the Detachable Warrants within Investments in the Consolidated Balance Sheets at a fair value upon acquisition of $607. The Detachable Warrants are fully detachable from the Bond and can be exercised for shares of Dahae’s common stock. If the Company were to exercise the Detachable Warrants in full, the Company would own 40% of the then outstanding shares of common stock of Dahae. As of December 31, 2024, there were no impairments or downward or upward adjustments to Detachable Warrants since acquisition. The Company granted 298,508 shares of restricted stock grants to non-employees. The restricted stock grants are subject to redemption at fair value once all shares are fully vested and any financing provided by the Company to Dahae has been repaid. As the restricted stock grants are contingently redeemable at fair value, the restricted stock grants are recorded within Mezzanine Equity in the Consolidated Balance Sheets. To adjust these grants to redemption amounts at each reporting period, the Company remeasures the grants to their redemption value based on the price of the Company’s common stock, with a corresponding entry to the Company’s retained earnings. The remeasurement for the year ending December 31, 2024 was $12. See Note 8 – Stock-Based Compensation for more information. The Company entered into a term loan facility with Dahae. Dahae drew upon the facility on November 3, 2024, with a principal balance of $1,161 issued at par, explicit interest rate of 3%, and maturity date of October 21, 2034. The loan is recorded in Loan receivable from equity method investee in the Consolidated Balance Sheets. All financing agreements between the Company and Dahae are collateralized by Dahae’s assets and a minority equity interest in Dahae. The Company has committed to provide up to $2,000 of additional financing to Dahae. The table below presents the summarized transactions recorded in the Consolidated Balance Sheets related to the Company’s equity method investment for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Bond (a) $ 3,105 $ — Loan ​ 1,161 ​ — Warrants ​ 607 ​ — Equity method investment (b) ​ 520 ​ — Mezzanine equity ​ 34 ​ — ​ (a) Includes the $584 fair value upon acquisition of the Derivative. (b) Reflects the Company’s $656 investment (including $256 of transaction costs), less the Company’s share of Dahae’s loss of $111 and a currency translation adjustment of $25 related to the conversion from South Korean Won to U.S. dollar. The Company’s share of Dahae’s loss is recorded within Share of net loss of equity method investee and the currency translation adjustment is recorded within Other Comprehensive Income in the Consolidated Statements of Operations and Comprehensive Loss. The table below presents the summarized transactions recorded in the Consolidated Statements of Operations and Comprehensive Loss related to the Company’s equity method investment for the years ended December 31, 2024, and 2023, respectively. ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Interest income $ 105 $ — Share of net loss of equity method investee ​ 133 ​ — Other comprehensive income ​ 25 ​ — ​

Retirement plans

Retirement plans	12 Months Ended
	Dec. 31, 2024
Retirement Plans
Retirement Plans	Note 12 – Retirement Plans The Company sponsors a 401(k) plan for all employees. The plan provides for the Company to make a discretionary matching contribution. Contributions to the plan totaled $1,256 and $1,084 for the years ended December 31, 2024 and 2023, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	Note 13 – Income Taxes Income taxes included in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023 are detailed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Current income tax expense ​ ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ State ​ ​ 8 ​ ​ — ​ Foreign ​ ​ 1,186 ​ ​ — ​ Deferred income tax expense ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ — ​ State ​ ​ — ​ ​ — ​ Foreign ​ ​ — ​ ​ — ​ Total income tax expense ​ $ 1,194 ​ $ — ​ ​ The tables below represent a reconciliation of the statutory federal income tax expense to income tax. ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Income tax benefit at the federal statutory rate ​ 21.00 % 21.00 % State income benefits ​ 0.82 % 1.42 % Foreign withholding taxes ​ (1.25) % — % Global tax rate differential ​ (0.21) % — % Permanent differences ​ (2.17) % 0.56 % Net change in valuation allowance ​ (21.79) % (25.54) % Research and development ​ 4.08 % 2.62 % Other ​ (1.74) % (0.06) % Total income tax expense ​ (1.26) % 0.00 % ​ For the years ended December 31, 2024 and 2023, the effective tax rate was approximately (1.26)% and 0.00%, respectively. Differences between the statutory rate and the Company’s effective tax rate resulted from changes in valuation allowance and permanent differences for tax purposes in the treatment of certain nondeductible expenses. The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets ​ ​ ​ ​ Net operating loss ​ $ 30,446 ​ $ 30,534 R&D credit ​ ​ 7,423 ​ ​ 3,557 Stock compensation ​ ​ 2,909 ​ ​ 3,333 Section 174 capitalization ​ ​ 22,759 ​ ​ 9,406 ROU lease liability ​ ​ 2,061 ​ ​ 2,332 Available-for-sale securities ​ ​ (14) ​ ​ 125 Other ​ 2,441 ​ 1,204 Total deferred tax asset ​ 68,025 ​ 50,491 Valuation allowance ​ (64,744) ​ (44,109) Net deferred tax assets ​ 3,281 ​ 6,382 Deferred tax liabilities ​ ​ Intangibles (non-goodwill) ​ $ (2) ​ $ (1) Property, plant and equipment ​ (1,144) ​ (797) Accretion ​ ​ (307) ​ ​ (3,351) ROU asset ​ ​ (1,828) ​ ​ (2,233) Total deferred tax liabilities ​ (3,281) ​ (6,382) Total net deferred tax liability ​ $ — ​ $ — ​ The ultimate realization of deferred tax assets is dependent upon the existence, or generation, of taxable income in the periods when those temporary differences and net operating loss carryovers are deductible. Management considers the scheduled reversal of deferred tax liabilities, taxes paid in carryover years, projected future taxable income, available tax planning strategies, and other factors in making this assessment. Based on available evidence, management does not believe it is more likely than not that all of the deferred tax assets will be realized. Accordingly, the Company has established a valuation allowance equal to the net realizable deferred tax assets. The valuation allowance increased by $20,635 in 2024. At December 31, 2024 and 2023, the Company had total U.S. federal net operating loss carryovers of approximately $130,333 and $129,729, respectively. Federal net operating losses generated on or prior to December 31, 2017 expire in 2037. Federal net operating losses generated on or after January 1, 2018 have an indefinite carryforward and are only available to offset 80% taxable income beginning in 2021. The determination of state net operating loss carryforwards is dependent upon apportionment percentages and state laws that can change from year to year and that can thereby impact the amount of such carryforwards. The majority of the state net operating losses have an indefinite carryforward. The following table summarizes the Company’s unrecognized tax benefits. ​ ​ ​ ​ ​ ​ December 31, 2024 Balance, beginning of year ​ $ 1,186 Gross increases related to prior period tax position ​ 383 Gross increases related to current period tax position ​ 905 Gross decreases related to prior period tax position ​ — Balance, end of year ​ $ 2,474 ​ The 2019 through 2023 tax years remain open to examination by the Internal Revenue Service and, with few exceptions, various other state tax agencies. These taxing authorities have the authority to examine those tax years until the applicable statutes of limitations expire.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2024
Contingencies
Contingencies	Note 14 – Contingencies The Company may be party to litigation from time to time in the normal course of business. The Company maintains insurance to cover certain actions and believes that resolution of such litigation will not have a material adverse effect on the Company. On December 3, 2024, two purported stockholders filed a putative class action against the former officers and directors of Decarbonization Plus Acquisition Corporation III (“DCRC”), including Erik Anderson; Riverstone Holdings, LLC; and related sponsors and entities (the “Hamilton Defendants”) in the Court of Chancery of the State of Delaware (Hamilton et al. v. Anderson et al., C.A. No. 2024-1241-JTL). The lawsuit alleges breach of fiduciary duties and unjust enrichment arising from the merger of Solid Power Operating, Inc. with a subsidiary of DCRC and seeks to recover unspecified damages and equitable relief. None of the Company, its subsidiaries, or its current officers or directors, except Mr. Anderson, is named as a defendant. The Hamilton Defendants have demanded indemnification and advancement of defense costs from the Company. Accordingly, it is reasonably possible that the Company could be liable for the legal fees, defense costs, judgments, and/or settlement fees incurred by certain of the Hamilton Defendants. The proceedings are subject to uncertainties inherent in the litigation process, and the Company cannot currently estimate a reasonably possible loss.

Segment Disclosure

Segment Disclosure	12 Months Ended
	Dec. 31, 2024
Segment Disclosure
Segment Disclosure	Note 15 - Segment Disclosure The Company receives both government and collaborative revenue and receives revenue from U.S. and the Republic of Korea. The Company determined geographic area based on the country to which its legal entity is incorporated. The Company received revenue from certain customers that each accounted for more than 10% of the Company’s total gross revenue for the years ended December 31, 2024, and 2023. The table below sets forth revenue by type, customer, and geographic area for the years ended December 31, 2024, and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, Type of Revenue Customer Geographic Area 2024 2023 Government Customer A U.S. $ 2,472 ​ $ 826 Government Customer B U.S. ​ 246 ​ ​ 2,783 Government Other U.S. ​ 14 ​ ​ 1,498 ​ ​ Total government ​ 2,732 ​ ​ 5,107 ​ ​ ​ ​ ​ ​ ​ ​ Collaborative Customer C U.S. $ 3,020 ​ $ — Collaborative Customer C Republic of Korea ​ 8,760 ​ ​ — Collaborative Customer D U.S. ​ 5,410 ​ ​ 12,303 Collaborative Other U.S. ​ 217 ​ ​ — ​ ​ Total collaborative ​ 17,407 ​ ​ 12,303 ​ ​ Total revenue $ 20,139 ​ $ 17,410 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	Note 16 – Subsequent Events On January 21, 2025, Solid Power Operating, Inc. and the U.S. Department of Energy (“DOE”) entered into an assistance agreement with an effective date of January 1, 2025 (the “Assistance Agreement”). The Assistance Agreement provides that DOE will provide the Company with funding of up to $50,000 for the Company’s installation of equipment necessary for the continuous production of sulfide-based solid electrolyte material. The Company’s cost share obligation under the Assistance Agreement is $60,000. The Company is subject to certain reporting requirements and compliance obligations under the Assistance Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (96,520)	$ (65,549)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We use various tools and methodologies, including third-party services, to assess, identify, and manage cybersecurity threats. For example, we utilize third-party services to monitor the security and integrity of our information systems and the other third-party information systems upon which we rely on an ongoing basis. We also engage a third-party cybersecurity auditor for periodic penetration and vulnerability testing and assessment of our processes. Our information technology department oversees cybersecurity risk management and reports significant incidents to management. We consult with our advisors as appropriate, including on materiality analysis and disclosure matters, and management makes the final materiality determinations and disclosure and other compliance decisions. We have not identified risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, but we cannot guarantee that we will not be materially affected in the future by such risks or any future cybersecurity incidents. For more information, see “Part I, Item A. Risk Factors—Risks Related to Legal and Regulatory Compliance—We may be adversely impacted by a disruption or failure of our information technology infrastructure, data security breach, or failure to comply with privacy laws.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We use various tools and methodologies, including third-party services, to assess, identify, and manage cybersecurity threats. For example, we utilize third-party services to monitor the security and integrity of our information systems and the other third-party information systems upon which we rely on an ongoing basis. We also engage a third-party cybersecurity auditor for periodic penetration and vulnerability testing and assessment of our processes. Our information technology department oversees cybersecurity risk management and reports significant incidents to management. We consult with our advisors as appropriate, including on materiality analysis and disclosure matters, and management makes the final materiality determinations and disclosure and other compliance decisions.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board has delegated primary responsibility for oversight of our cybersecurity risk exposures to the Audit Committee of the Board, and the Audit Committee of the Board receives routine updates on cybersecurity matters from our Director of Information Technology and other members of management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	the Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	the Audit Committee of the Board receives routine updates on cybersecurity matters from our Director of Information Technology and other members of management.
Cybersecurity Risk Role of Management [Text Block]	Our Director of Information Technology leads our cybersecurity efforts and has 15 years of information technology experience. There are no management positions directly responsible for overseeing our cybersecurity risk. Rather, our Director of Information Technology and our broader information technology department work closely with members of management to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Director of Information Technology
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Director of Information Technology leads our cybersecurity efforts and has 15 years of information technology experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our information technology department oversees cybersecurity risk management and reports significant incidents to management.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements of the Company have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements. Actual results could differ from those estimates. All amounts presented in the footnotes are in thousands, except share and per share amounts or as otherwise indicated. The Consolidated Financial Statements include accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company accounts for its investment in an entity in which the Company does not exercise significant influence or have the obligation to absorb losses or receive benefits as a variable interest entity (“VIE”). The VIE is accounted for under the equity method at the cost of initial investment. The Company evaluates its relationships with the VIE on an ongoing basis, including when the Company believes a loss in value may have occurred which is other than temporary. The Company measures its equity method investment at cost minus impairment, if any, plus or minus the share of the equity method investee’s loss or gain. Activity is included in Investments in the Consolidated Balance Sheets and separately within Share of net loss of equity method investee in the Consolidated Statements of Operations and Comprehensive Loss and within Cash Flows from Investing Activities in the Consolidated Statements of Cash Flows.
Segment Reporting	Segment Reporting The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment as the CODM reviews financial information presented as a single entity for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM manages the business on a consolidated basis and uses consolidated Net Loss Attributable to Common Stockholders as reported in the Consolidated Statements of Operations and Comprehensive Loss as the profit or loss measure in assessing performance and deciding how to allocate resources. The CODM is regularly provided with only the consolidated expenses in the Consolidated Statements of Operations and Comprehensive Loss. See Note 15 – Segment Disclosure for more information.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingencies at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the measurement of revenue for collaborative arrangements, valuation of warrants, valuation of stock-options and useful lives of long-term assets, among others. The Company bases these estimates on historical experience and other assumptions that it believes are reasonable under the circumstances.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2024 and throughout the year, the Company’s cash accounts exceeded federally insured limits.
Available-for-Sale Securities	Available-for-Sale Securities The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity, and return. From time to time, the Company may sell certain securities, but the objectives are not to generate profits on short-term differences in price. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income (loss) in stockholders’ equity until realized. Gains and losses on available-for-sale securities are reported on the specific-identification method. Dividend and interest income are recognized when earned. The Company’s available-for-sale securities are recorded within Marketable securities and within Investments in the Consolidated Balance Sheets.
Contract Receivables	Contract Receivables Contract receivables consist of amounts due from government entities and commercial contractors. Management considers all contract receivables collectible and, therefore, the Company has not recorded an allowance for credit losses as of December 31, 2024, and 2023. Amounts for work performed but not billed as of December 31, 2024, and 2023 are included within contract receivables and shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Contract receivables not billed ​ $ 438 ​ $ 302
Credit Risk and Major Customers	Credit Risk and Major Customers Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, marketable securities, investments and loan receivables. The Company seeks to mitigate its credit risk with respect to cash and cash equivalents, marketable securities, and investments by making deposits with large, reputable financial institutions and investing in high credit rated instruments. The Company grants credit in the normal course of business to government entities and commercial contractors. The Company periodically monitors the financial condition of its customers to reduce credit risk, but generally does not require collateral to support contract receivables. The table below sets forth revenue and contract receivable concentration for customers that accounted for more than 10% of the Company’s total gross revenue for the years ended December 31, 2024, and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Revenue concentration ​ ​ ​ Number of customers ​ 3 2 Related total revenue percentage 98 % 89 % Contract receivable concentration ​ Number of customers 2 3 Related contract receivables percentage 94 % 97 %
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist primarily of security deposits, prepaid insurance, and other minor miscellaneous expenses paid in advance.
Property and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. The Company capitalizes property, plant and equipment with useful lives exceeding one year. Assets are depreciated over their estimated useful lives. The straight-line method is used for computing depreciation. Depreciation expenses are recorded within Operating Expenses in the Consolidated Statements of Operations and Comprehensive Loss. Cost of maintenance and repairs are charged to expense when incurred. Construction in progress related to specialized equipment will be reclassified as Property, plant and equipment and depreciated, once placed in service. ​ ​ ​ ​ ​ Depreciable Life Production equipment ​ 5 years Laboratory equipment ​ 5 years Furniture and Computer Equipment 3- 7 Leasehold improvements Lesser of asset life or lease term
Investments	Investments The Company considers all available-for-sale securities with an original maturity of less than 12 months when purchased to be marketable securities. The Company considers all available-for-sale securities with an original maturity of 12 months or more when purchased to be investments. The Company records its investments in non-marketable equity securities in accordance with Accounting Standards Codification (“ASC”) 321 – Investments - Equity Securities. Under the measurement alternative, carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments are determined at fair value as of the transaction date. The Company’s equity securities investment is presented in Investments in the Consolidated Balance Sheets. The Company’s non-marketable equity securities investment, as noted in Note 11 – Related Party Transactions, is evaluated for impairment based on qualitative factors, including the investee’s financial and liquidity position and access to capital resources, among others. When indicators of impairment exist, a loss is recorded equal to the difference between the fair value and carrying value of the investment. The Company acquired an equity interest in Dahae Energy Co., Ltd (“Dahae”) in October 2024. The Company has determined that Dahae is a VIE. The Company does not have a controlling financial interest in Dahae and, therefore, accounts for its investment using the equity method of accounting. As a result of the Company’s interest in Dahae, Dahae is considered a related party. See Note 11 – Related Party Transactions for more information.
Loan Receivable from Equity Method Investee	Loan Receivable from Equity Method Investee The Company accounts for its loan receivable from its equity method investee, Dahae at its stated principal amount, net of any discount or premium. The related discounts or premiums on the loan receivable are amortized or accreted over the term of the loan receivable. The Company classifies its loan receivable on a current (due within 12 months of reporting date) and a long-term (due in excess of 12 months from reporting date) basis in accordance with the stated maturity date. Interest income is accrued based on the contractual terms which are payable on a quarterly basis. Interest income from the loan receivable is presented as Interest income in the Consolidated Statements of Operations and Comprehensive Loss. Any interest receivable from the loan receivable represents a current asset within Prepaid expenses and other current assets in the Consolidated Balance Sheets. The Company applies ASC 326 – Measurement of Credit Losses on Financial Instruments to financial assets measured at amortized cost, including the loan receivable from Dahae. The Company utilizes the discounted cash flow method to estimate current expected credit losses. The Company has not recognized an allowance for current expected credit losses on its loan receivable and does not have any loans receivable in nonaccrual status. See Note 11 – Related Party Transactions for more information.
Intangible Assets	Intangible Assets Intangible assets consist of licenses and costs incurred for pending patents and trademarks. Licenses consist of rights to use patents and are amortized over their estimated useful life of three
Leases	Leases The Company accounts for its leases under ASC 842 – Lease Accounting. Under this guidance, the Company classifies contracts meeting the definition of a lease as operating or financing leases, and leases are recorded in the Consolidated Balance Sheets as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses, including common maintenance fees, insurance and property tax, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets. The Company excludes short-term leases having initial terms of 12 months or less as an accounting policy election and instead recognizes rent expense on a straight-line basis over the lease term.
Stock-based Compensation	Stock-Based Compensation Stock-based compensation primarily consists of stock options, restricted stock units (“RSUs”), and restricted stock grants to non-employees. Expenses for stock-based compensation are measured based on fair value on the date of the grant and recognized over the prescribed vesting schedule as described within Note 8 – Stock-Based Compensation. The estimated fair value of stock options on the date of grant is calculated using the Black-Scholes option-pricing model and is affected by the Company’s stock price, as well as assumptions regarding risk-free rate, dividend yield, and the historical volatility of comparable entities. The estimated fair value of RSUs is determined based on the number of shares granted and the closing price for of the Company’s common stock one business day before the grant date. The Company accounts for forfeitures as they occur. Employee compensation cost is recognized on a straight-line basis over the requisite vesting service period and is recorded within Operating Expenses in the Consolidated Statements of Operations and Comprehensive Loss. The Company recognizes expenses for restricted stock grants to non-employees based on the grant date fair value of the restricted stock, which is based on the closing price of the Company’s common stock one business day before the grant date. Non-employee stock-based compensation expenses are recognized on a straight-line basis over the non-employee vesting period. Non-employee stock-based compensation related to restricted stock grants is recognized within Share of net loss of equity method investee in the Consolidated Statements of Operations and Comprehensive Loss.
Revenue	Revenue The Company records revenue in accordance with ASC 808 – Collaborative Arrangements. Revenue recognition is recorded by analogy to ASC 606 – Revenue from Contracts with Customers. These agreements include the following components: parties to the contract are active participants, both parties are exposed to significant risks and rewards, and both parties are dependent on the commercial success of the efforts under the contract. R Deferred revenue represents cash collected in advance of revenue recognized. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Deferred revenue ​ $ 3,150 ​ $ 1 Deferred revenue from related parties ​ ​ — ​ ​ 828
Warrant Liabilities	Warrant Liabilities The Company accounts for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 – Distinguishing Liabilities from Equity and ASC 815 – Hedge Accounting. Warrants recorded as liabilities are recorded at their fair value within Warrant liabilities in the Consolidated Balance Sheets and are remeasured on each reporting date with changes recorded in Change in fair value of warrant liabilities in the Company’s Consolidated Statements of Operations and Comprehensive Loss.
Fair Value Measurements	Fair Value Measurements The Company applies fair value accounting for selected financial assets and liabilities measured on a recurring and nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance ASC 820 – Fair Value Measurement established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, used to determine the fair value of its financial instruments. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 – inputs are market data, other than Level 1 inputs, that are observable either directly or indirectly, including quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 – inputs are unobservable and corroborated by little or no market data.
Research and Development	Research and Development
Income Taxes	Income Taxes The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the Consolidated Financial Statements or tax returns. Deferred tax liabilities and assets are determined based on the differences between the Consolidated Financial Statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. The measurement of deferred tax assets is reduced, if necessary, by the amount of any uncertain tax positions or tax benefits that are not expected to be realized based on available evidence. The Company records deferred tax assets and associated valuation allowances, when appropriate, to reflect amounts more likely than not to be realized based on the Company’s analysis. The Company’s temporary differences result primarily from capitalization of certain qualifying research and development expenses, accruals and reserves, depreciation of property, plant and equipment, stock compensation expense, capitalization of operating or financing leases, and net operating loss carryovers. The Company provides deferred U.S. federal, state, or foreign income tax benefits for periods presented. The Company has also provided a valuation allowance on the net deferred tax asset because of uncertainty regarding realizability. Realization of deferred tax assets is dependent on generating sufficient taxable income prior to the expiration of loss carryforwards. The Company accounts for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized in the Consolidated Financial Statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Interest and penalties associated with tax positions are recorded in the period assessed as Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Loss. No interest or penalties have been assessed during the years ended December 31, 2024 and 2023.
Basic and Diluted Loss per Share of Common Stock	Basic and Diluted Loss per Share of Common Stock Basic loss per share is based on the weighted average number of shares of common stock outstanding for the period. Basic loss per share represents Net Loss Attributable to Common Stockholders divided by the weighted average number of shares of common stock outstanding for the period. Diluted loss per share includes the dilutive effect of additional potential shares of common stock issuable from stock-based awards and grants determined using the treasury stock method. Diluted loss per share represents Net Loss Attributable to Common Stockholders divided by diluted weighted average number of shares of common stock, which includes the average dilutive effect of all potentially dilutive securities outstanding for the period.
Foreign Currency	​ Foreign Currency ​
Recent Accounting Pronouncements	Recent Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. Effective December 31, 2024, the Company adopted ASU 2023-07 on a retrospective basis. See “—Segment Reporting” above and Note 15 – Segment Disclosure for more information. Income Taxes In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is evaluating the impact of ASU 2023-09 and anticipates that it may result in additional required disclosures in the Company’s Consolidated Financial Statements for the year ending December 31, 2025. Income Statement In November 2024, the FASB issued ASU No. 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. ASU 2024-03 can be applied either prospectively to financial statements or retrospectively to any prior periods presented in the financial statements. The Company is evaluating the disclosure impact of ASU 2024-03.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Schedule of contract receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Contract receivables not billed ​ $ 438 ​ $ 302
Schedule of credit risk and major customers	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Revenue concentration ​ ​ ​ Number of customers ​ 3 2 Related total revenue percentage 98 % 89 % Contract receivable concentration ​ Number of customers 2 3 Related contract receivables percentage 94 % 97 %
Summary of estimated useful life of property, plant and equipment	​ ​ ​ ​ ​ Depreciable Life Production equipment ​ 5 years Laboratory equipment ​ 5 years Furniture and Computer Equipment 3- 7 Leasehold improvements Lesser of asset life or lease term
Schedule of deferred revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Deferred revenue ​ $ 3,150 ​ $ 1 Deferred revenue from related parties ​ ​ — ​ ​ 828

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Production equipment ​ $ 41,750 ​ $ 36,086 Laboratory equipment ​ ​ 12,611 ​ ​ 9,910 Leasehold improvements ​ 73,114 ​ 59,109 Furniture and computer equipment ​ 4,298 ​ 3,915 Construction in progress ​ 5,141 ​ 13,650 Total cost ​ 136,914 ​ 122,670 Accumulated depreciation ​ (39,706) ​ (23,514) Net property, plant and equipment ​ $ 97,208 ​ $ 99,156
Schedule of depreciation and amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Depreciation expense ​ $ 16,449 ​ $ 11,947 ​
Schedule of construction in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Construction in progress 2024 2023 SP1 – Capital projects ​ $ 1,896 ​ $ 2,298 SP2 – Increased scale electrolyte production ​ 3,245 ​ 11,352 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ ​ Gross Carrying ​ Accumulated ​ Gross Carrying ​ Accumulated ​ ​ Amount Amortization Amount Amortization Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 149 ​ $ (69) ​ $ 149 ​ $ (61) Patents ​ ​ 135 ​ ​ (12) ​ ​ 92 ​ ​ (5) Patents pending ​ ​ 1,831 ​ — ​ 1,444 ​ — Trademarks ​ ​ 13 ​ ​ — ​ ​ 13 ​ ​ — Trademarks pending ​ ​ 25 ​ — ​ 18 ​ — Total amortized intangible assets ​ $ 2,153 ​ $ (81) ​ $ 1,716 ​ $ (66)
Schedule of amortization expense for intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Amortization expense ​ $ 15 ​ $ 15 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Schedule of financial assets and liabilities measured and recorded at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Level 1 Level 2 Level 3 Total Assets Balance Sheet Classification ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Marketable securities ​ $ 47,046 ​ $ — ​ $ — ​ $ 47,046 Corporate bonds Marketable securities ​ $ 28,614 ​ $ — ​ $ — ​ $ 28,614 Corporate bonds Investments ​ $ 173,369 ​ $ — ​ $ — ​ $ 173,369 Government bonds Investments ​ $ 35,904 ​ $ — ​ $ — ​ $ 35,904 U.S. treasuries Marketable securities $ 17,124 ​ $ — ​ $ — $ 17,124 Bifurcated embedded derivative Loan receivable from equity method investee ​ $ — ​ $ — ​ $ 584 ​ $ 584 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants Warrant liabilities ​ $ 5,537 ​ $ — ​ $ — ​ $ 5,537 Private Placement Warrants Warrant liabilities ​ $ — ​ $ 3,198 ​ $ — ​ $ 3,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Level 1 Level 2 Level 3 Total Assets Balance Sheet Classification ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Marketable securities ​ $ 84,909 ​ $ — ​ $ — ​ $ 84,909 Corporate bonds Marketable securities ​ $ 48,135 ​ $ — ​ $ — ​ $ 48,135 Corporate bonds Investment ​ $ 191,338 ​ $ — ​ $ — ​ $ 191,338 Government bonds Marketable securities ​ $ 8,461 ​ $ — ​ $ — ​ $ 8,461 Government bonds Investment ​ $ 48,228 ​ $ — ​ $ — ​ $ 48,228 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants Warrant liabilities ​ $ 2,505 ​ $ — ​ $ — ​ $ 2,505 Private Placement Warrants Warrant liabilities ​ $ — ​ $ 1,722 ​ $ — ​ $ 1,722
Schedule of available-for-sale securities purchased	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Available-for-sale securities purchased ​ $ 216,193 ​ $ 327,591
Schedule of Level 2 inputs used in the recurring valuation of the Private Placement Warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Exercise price ​ $ 11.50 ​ $ 11.50 ​ Stock price ​ $ 1.89 ​ $ 1.45 ​ Volatility ​ 124.8 % 95.0 % Term (in years) ​ 1.94 ​ 2.94 ​ Risk-free rate ​ 4.16 % 3.94 %
Schedule of reconciliation of warrants measured at fair value	The following table provides a rollforward (per Warrant) of the Public Warrants measured at fair value using Level 1 inputs and Private Placement Warrants measured at fair value using Level 2 inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ Private Placement Warrants ​ Level 1 Fair Value Level 2 Fair Value December 31, 2023 ​ $ 0.19 ​ $ 0.28 Change in fair value ​ $ 0.23 ​ $ 0.24 December 31, 2024 ​ $ 0.42 ​ $ 0.52 ​

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Warrant Liabilities.
Summary of the outstanding Public and Private Placement Warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Public Warrants ​ ​ 13,182,501 ​ ​ 13,182,501 Private Placement Warrants ​ ​ 6,150,802 ​ ​ 6,150,802
Schedule of fair value of warrant liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Fair value of warrant liabilities ​ $ 8,735 ​ $ 4,227
Schedule of gain from changes in fair value of Warrant Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Gain (loss) recognized associated with warrant liabilities ​ $ (4,508) ​ $ 4,890 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Schedule of stock options exercised for common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ ​ 2024 2023 ​ Shares of common stock issued upon exercise of stock options ​ 5,141,728 ​ 2,490,275 ​ Shares of common stock issued under the ESPP ​ 387,664 ​ 287,224 ​ Shares of common stock issued upon vesting of RSUs ​ 1,229,645 ​ 226,201 ​ Shares of restricted common stock issued to non-employees ​ 298,508 ​ — ​ Shares of common stock repurchased ​ (5,704,401) ​ — ​
Schedule of cash received associated with common stock related activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 ​ 2023 Cash received from exercise of stock options ​ $ 273 ​ $ 220 Cash received from shares of common stock issued under the ESPP ​ ​ 412 ​ ​ 434 Cash paid for shares of common stock repurchased ​ ​ (9,072) ​ ​ —
Schedule of number of shares repurchased and retired, aggregate cost, and the average purchase price	​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2024 Repurchased and retired shares of common stock ​ ​ 5,704,401 Principal paid for shares of common stock ​ $ 8,959 Commissions paid for shares of common stock ​ $ 113 Total cash paid to repurchase and retire shares of common stock ​ $ 9,072 Excise tax accrued ​ $ 90 Average cost paid per share ​ $ 1.59 ​

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Stock Based Compensation
Schedule of option activity under the Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted-average ​ Contractual Term Options Options Exercise Price (in years) Outstanding at January 1, 2024 ​ 24,264,016 ​ $ 2.53 ​ 7.03 Granted ​ 6,324,127 ​ $ 1.59 ​ ​ Exercised ​ (5,141,728) ​ $ 0.05 ​ ​ Forfeited or expired ​ (4,840,722) ​ $ 3.26 ​ ​ Outstanding at December 31, 2024 ​ 20,605,693 ​ $ 2.45 ​ 6.68 ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2023 ​ 16,662,487 ​ $ 1.99 ​ 4.87 Exercisable at December 31, 2024 ​ 12,275,078 ​ $ 2.48 ​ 5.27
Schedule of restricted stock grants to non employees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Restricted stock grants to non-employees ​ ​ 298,508 ​ ​ —
Schedule of recognized & allocated compensation costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Stock-based compensation costs related to RSUs ​ $ 5,662 ​ $ 3,427 Stock-based compensation costs related to stock options ​ 6,138 ​ 6,774 Stock-based compensation costs related to the ESPP ​ ​ 172 ​ ​ 169 Total equity-based compensation costs ​ $ 11,972 ​ $ 10,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Direct costs ​ $ 1,131 ​ $ 3,751 Research and development ​ ​ 4,463 ​ ​ 4,826 Selling, general and administrative ​ ​ 6,378 ​ ​ 1,793 Total equity-based compensation cost ​ $ 11,972 ​ $ 10,370
Schedule of fair value of each option using the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Approximate risk‑free rate ​ ​ 4.23 % ​ 4.17 % Volatility ​ ​ 48.1 % ​ 46.91 % Average expected life (in years) ​ ​ 6 ​ ​ 6 ​ Dividend yield ​ ​ 0 % ​ 0 % Weighted‑average grant date fair value ​ $ 0.82 ​ $ 1.42 ​ Estimated fair value of total stock options granted ​ $ 5,175 ​ $ 7,815 ​
Restricted stock units (RSUs)
Stock Based Compensation
Schedule of non-vested Restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted-average ​ ​ RSUs ​ Grant Date Fair Value Balance at December 31, 2023 ​ 4,473,016 ​ ​ 3.30 Granted ​ 6,792,700 ​ ​ 1.58 Vested or Exercised ​ (1,601,279) ​ ​ 2.89 Forfeited ​ (1,463,884) ​ ​ 2.26 Balance at December 31, 2024 ​ 8,200,553 ​ ​ 3.10
Restricted stock
Stock Based Compensation
Schedule of non-vested Restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted-average ​ ​ Grants ​ Grant Date Fair Value Balance at December 31, 2023 ​ — ​ — Granted ​ 298,508 ​ 1.23 Vested ​ (59,702) ​ 1.23 Forfeited ​ — ​ — Balance at December 31, 2024 ​ 238,806 ​ 1.23
2021 Equity Incentive Plan
Stock Based Compensation
Schedule of option activity under the Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Option awards granted under 2021 Plan ​ ​ 6,324,127 ​ ​ 5,176,889 RSU awards granted under 2021 Plan ​ ​ 6,792,700 ​ ​ 4,663,079

Basic and Diluted Loss Per Sh_2

Basic and Diluted Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Basic and Diluted Loss Per Share
Schedule of reconciliation of basic weighted average common shares outstanding to diluted weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 ​ 2023 ​ Net loss attributable to common stockholders ​ $ (96,520) ​ $ (65,549) ​ Weighted average shares outstanding – basic and diluted ​ ​ 179,397,332 ​ ​ 178,006,919 ​ Basic and diluted loss per share ​ $ (0.54) ​ $ (0.37) ​ ​
Schedule of potentially dilutive securities excluded from the diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Warrants ​ 19,333,303 19,333,303 ​ 2014 Plan & 2021 Plan - stock options ​ 22,969,681 25,877,631 ​ 2021 Plan - RSUs ​ 7,076,624 3,477,809 ​ ESPP - common stock ​ 60,037 ​ 67,724 ​ Non-employee restricted stock grants - common stock ​ 8,658 ​ — ​ Total potentially dilutive securities ​ 49,448,303 ​ 48,756,467 ​ ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases
Schedule of components of lease related expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Finance lease costs: ​ ​ ​ Amortization of right-of-use assets ​ $ 232 ​ $ 197 Interest on lease liabilities ​ 46 ​ 53 Operating lease costs ​ 1,209 ​ 1,160 Total lease expense ​ $ 1,487 ​ $ 1,410
Schedule of components of cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 ​ Operating outgoing cash flows – finance leases ​ $ 47 ​ $ 54 ​ Financing outgoing cash flows – finance leases ​ 377 ​ 308 ​ Operating outgoing cash flows – operating leases ​ 1,320 ​ 1,138 ​ Right-of-use assets obtained in exchange for new finance lease liabilities: ​ ​ — ​ ​ 345 ​ Right-of-use assets obtained in exchange for new and modified operating lease liabilities: ​ ​ 1,005 ​ ​ — ​
Schedule of remaining weighted-average lease term and weighted-average discount rate	​ ​ ​ ​ ​ ​ December 31, 2024 Finance lease ​ Weighted-average remaining lease term – finance leases (in years) 2.19 ​ Weighted-average discount rate – finance leases 6.6 % Operating lease ​ ​ Weighted-average remaining lease term – operating leases (in years) 8.01 ​ Weighted-average discount rate – operating leases 6.5 %
Schedule of future minimum payments under operating lease	​ ​ ​ ​ ​ ​ ​ ​ Fiscal year Finance Lease Operating Lease 2025 ​ $ 310 ​ $ 1,359 2026 ​ ​ 179 ​ ​ 1,403 2027 ​ ​ 85 ​ ​ 1,448 2028 ​ ​ 16 ​ ​ 1,494 2029 ​ ​ — ​ ​ 1,548 Thereafter ​ ​ — ​ ​ 4,031 Total ​ ​ 590 ​ ​ 11,283 Less present value discount ​ ​ 39 ​ ​ 2,427 Total lease liabilities ​ $ 551 ​ $ 8,856 ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions
Schedule of Company's equity method investment	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Bond (a) $ 3,105 $ — Loan ​ 1,161 ​ — Warrants ​ 607 ​ — Equity method investment (b) ​ 520 ​ — Mezzanine equity ​ 34 ​ — ​ (a) Includes the $584 fair value upon acquisition of the Derivative. (b) Reflects the Company’s $656 investment (including $256 of transaction costs), less the Company’s share of Dahae’s loss of $111 and a currency translation adjustment of $25 related to the conversion from South Korean Won to U.S. dollar. The Company’s share of Dahae’s loss is recorded within Share of net loss of equity method investee and the currency translation adjustment is recorded within Other Comprehensive Income in the Consolidated Statements of Operations and Comprehensive Loss. ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2024 2023 Interest income $ 105 $ — Share of net loss of equity method investee ​ 133 ​ — Other comprehensive income ​ 25 ​ — ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Schedule of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2024 2023 Current income tax expense ​ ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ State ​ ​ 8 ​ ​ — ​ Foreign ​ ​ 1,186 ​ ​ — ​ Deferred income tax expense ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ — ​ State ​ ​ — ​ ​ — ​ Foreign ​ ​ — ​ ​ — ​ Total income tax expense ​ $ 1,194 ​ $ — ​
Schedule of reconciliation of the statutory federal income tax expense to income tax	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Income tax benefit at the federal statutory rate ​ 21.00 % 21.00 % State income benefits ​ 0.82 % 1.42 % Foreign withholding taxes ​ (1.25) % — % Global tax rate differential ​ (0.21) % — % Permanent differences ​ (2.17) % 0.56 % Net change in valuation allowance ​ (21.79) % (25.54) % Research and development ​ 4.08 % 2.62 % Other ​ (1.74) % (0.06) % Total income tax expense ​ (1.26) % 0.00 % ​
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Deferred tax assets ​ ​ ​ ​ Net operating loss ​ $ 30,446 ​ $ 30,534 R&D credit ​ ​ 7,423 ​ ​ 3,557 Stock compensation ​ ​ 2,909 ​ ​ 3,333 Section 174 capitalization ​ ​ 22,759 ​ ​ 9,406 ROU lease liability ​ ​ 2,061 ​ ​ 2,332 Available-for-sale securities ​ ​ (14) ​ ​ 125 Other ​ 2,441 ​ 1,204 Total deferred tax asset ​ 68,025 ​ 50,491 Valuation allowance ​ (64,744) ​ (44,109) Net deferred tax assets ​ 3,281 ​ 6,382 Deferred tax liabilities ​ ​ Intangibles (non-goodwill) ​ $ (2) ​ $ (1) Property, plant and equipment ​ (1,144) ​ (797) Accretion ​ ​ (307) ​ ​ (3,351) ROU asset ​ ​ (1,828) ​ ​ (2,233) Total deferred tax liabilities ​ (3,281) ​ (6,382) Total net deferred tax liability ​ $ — ​ $ —
Schedule of unrecognized tax benefits	​ ​ ​ ​ ​ ​ December 31, 2024 Balance, beginning of year ​ $ 1,186 Gross increases related to prior period tax position ​ 383 Gross increases related to current period tax position ​ 905 Gross decreases related to prior period tax position ​ — Balance, end of year ​ $ 2,474

Segment Disclosure (Tables)

Segment Disclosure (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Disclosure
Schedule of segment disclosure	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, Type of Revenue Customer Geographic Area 2024 2023 Government Customer A U.S. $ 2,472 ​ $ 826 Government Customer B U.S. ​ 246 ​ ​ 2,783 Government Other U.S. ​ 14 ​ ​ 1,498 ​ ​ Total government ​ 2,732 ​ ​ 5,107 ​ ​ ​ ​ ​ ​ ​ ​ Collaborative Customer C U.S. $ 3,020 ​ $ — Collaborative Customer C Republic of Korea ​ 8,760 ​ ​ — Collaborative Customer D U.S. ​ 5,410 ​ ​ 12,303 Collaborative Other U.S. ​ 217 ​ ​ — ​ ​ Total collaborative ​ 17,407 ​ ​ 12,303 ​ ​ Total revenue $ 20,139 ​ $ 17,410 ​

Significant Accounting Polici_4

Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting
Number of operating segment	1
Number of reportable segment	1
Contract Receivables
Contract receivables not billed | $	$ 438	$ 302

Significant Accounting Polici_5

Significant Accounting Policies - Credit Risk and Major Customers (Details) - Customer concentration - customer	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue | Four customers
Concentration risk
Number of customers	3	2
Concentration risk percentage	98%	89%
Contract receivables | Two customers
Concentration risk
Number of customers	2	3
Concentration risk percentage	94%	97%

Significant Accounting Polici_6

Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2024
Production equipment
Property, Plant and Equipment
Estimated useful lives	5 years
Laboratory equipment
Property, Plant and Equipment
Estimated useful lives	5 years
Furniture And Computer Equipment | Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Furniture And Computer Equipment | Maximum
Property, Plant and Equipment
Estimated useful lives	7 years

Significant Accounting Polici_7

Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2024
Minimum
Intangible Assets
Estimated useful life of intangible assets	3 years
Maximum
Intangible Assets
Estimated useful life of intangible assets	20 years

Significant Accounting Polici_8

Significant Accounting Policies -Deferred revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies
Deferred revenue	$ 3,150	$ 1
Deferred revenue from related parties		$ 828

Significant Accounting Polici_9

Significant Accounting Policies - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Interest or penalties	$ 0	$ 0
Foreign Currency
foreign currency transaction losses	$ 179	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Gross property and equipment	$ 136,914	$ 122,670
Accumulated depreciation	(39,706)	(23,514)
Net property, plant and equipment	97,208	99,156
Production equipment
Property, Plant and Equipment
Gross property and equipment	41,750	36,086
Laboratory equipment
Property, Plant and Equipment
Gross property and equipment	12,611	9,910
Leasehold improvements
Property, Plant and Equipment
Gross property and equipment	73,114	59,109
Furniture and computer equipment
Property, Plant and Equipment
Gross property and equipment	4,298	3,915
Construction in progress
Property, Plant and Equipment
Gross property and equipment	$ 5,141	$ 13,650

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Depreciation expense	$ 16,464	$ 11,962
Property, Plant and Equipment
Property, Plant and Equipment
Depreciation expense	$ 16,449	$ 11,947

Property, Plant and Equipment_2

Property, Plant and Equipment - Construction in progress (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Sp1 Capital Projects
Property, Plant and Equipment
Construction in progress	$ 1,896	$ 2,298
SP2 - Increased scale electrolyte production
Property, Plant and Equipment
Construction in progress	$ 3,245	$ 11,352

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Intangible assets:
Gross Carrying Amount	$ 2,153	$ 1,716
Accumulated Amortization	(81)	(66)
Amortization expense	$ 15	15
Minimum
Intangible assets:
Useful lives of intangible assets	3 years
Maximum
Intangible assets:
Useful lives of intangible assets	20 years
Licenses
Intangible assets:
Gross Carrying Amount	$ 149	149
Accumulated Amortization	(69)	(61)
Patents
Intangible assets:
Gross Carrying Amount	135	92
Accumulated Amortization	(12)	(5)
Patents pending
Intangible assets:
Gross Carrying Amount	1,831	1,444
Trademarks
Intangible assets:
Gross Carrying Amount	13	13
Trademarks pending
Intangible assets:
Gross Carrying Amount	$ 25	$ 18

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Liabilities
Percentage of marketable securities held to maturity within one year	100%
Percentage of marketable securities held to maturing second through fifth year	99%
Percentage of marketable securities held to maturing fifth through ten year	1%
Available-for-sale securities purchased	$ 216,193	$ 327,591
Recurring | Public Warrants | Warrant liabilities
Liabilities
Liabilities	5,537	2,505
Recurring | Private Placement Warrants | Warrant liabilities
Liabilities
Liabilities	3,198	1,722
Recurring | Level 1 | Public Warrants | Warrant liabilities
Liabilities
Liabilities	5,537	2,505
Recurring | Level 2 | Private Placement Warrants | Warrant liabilities
Liabilities
Liabilities	3,198	1,722
Recurring | Level 3
Liabilities
Transfers in or out of Level 3	0	0
Recurring | Commercial paper | Marketable securities
Assets
Assets	47,046	84,909
Recurring | Commercial paper | Level 1 | Marketable securities
Assets
Assets	47,046	84,909
Recurring | Corporate bonds | Marketable securities
Assets
Assets	28,614	48,135
Recurring | Corporate bonds | Investments
Assets
Assets	173,369	191,338
Recurring | Corporate bonds | Level 1 | Marketable securities
Assets
Assets	28,614	48,135
Recurring | Corporate bonds | Level 1 | Investments
Assets
Assets	173,369	191,338
Recurring | Government bonds | Marketable securities
Assets
Assets		8,461
Recurring | Government bonds | Investments
Assets
Assets	35,904	48,228
Recurring | Government bonds | Level 1 | Marketable securities
Assets
Assets		8,461
Recurring | Government bonds | Level 1 | Investments
Assets
Assets	35,904	$ 48,228
Recurring | U.S. treasuries | Marketable securities
Assets
Assets	17,124
Recurring | U.S. treasuries | Level 1 | Marketable securities
Assets
Assets	17,124
Recurring | Bifurcated embedded derivative | Loan receivable from equity method investee
Assets
Assets	584
Recurring | Bifurcated embedded derivative | Level 3 | Loan receivable from equity method investee
Assets
Assets	$ 584

Fair Value Measurements - Measu

Fair Value Measurements - Measurement inputs (Details) - Recurring - Level 2 - Private Placement Warrants	Dec. 31, 2024 $ / shares Y	Dec. 31, 2023 Y $ / shares
Exercise Price
Fair Value Measurements
Measurement input, warrants	11.5	11.5
Stock Price
Fair Value Measurements
Measurement input, warrants	1.89	1.45
Volatility
Fair Value Measurements
Measurement input, warrants	1.248	0.95
Term
Fair Value Measurements
Measurement input, warrants | Y	1.94	2.94
Risk-free rate
Fair Value Measurements
Measurement input, warrants	0.0416	0.0394

Fair Value Measurements - Publi

Fair Value Measurements - Public Warrants measured at fair value using Level 1 directly observable inputs and Private Placement Warrants (Details) - Recurring	12 Months Ended
	Dec. 31, 2024 $ / shares
Public Warrants | Level 1
Reconciliation
Beginning balance, per share	$ 0.19
Change in fair value	0.23
Ending balance, per share	0.42
Private Placement Warrants | Level 2
Reconciliation
Beginning balance, per share	0.28
Change in fair value	0.24
Ending balance, per share	$ 0.52

Warrant Liabilities (Details)

Warrant Liabilities (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Warrant Liabilities
Number of warrants outstanding	6,150,802	6,150,802
Public Warrants
Warrant Liabilities
Number of warrants outstanding	13,182,501	13,182,501

Warrant Liabilities - Additiona

Warrant Liabilities - Additional information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Warrant Liabilities
Trading days considered in the calculation of fair market value	10 days
Redemption of Public Warrants when the price per share of Common Stock equals or exceeds $18.00
Warrant Liabilities
Stock price trigger for redemption of public warrants (in dollars per share)	$ 18
Sale Price Of Common Stock Equal Or Exceeds To 18.00 Per Share
Warrant Liabilities
Class of warrant or right minimum threshold written notice period for redemption of warrants	30 days
Sale Price Of Common Stock Equal Or Exceeds To 10.00 Per Share
Warrant Liabilities
Class of warrant or right minimum threshold written notice period for redemption of warrants	30 days
Warrants
Warrant Liabilities
Class of warrant or right, number of securities called by each warrant or right	1	1
Exercise price of warrants	$ 11.5	$ 11.5
Warrants | Sale Price Of Common Stock Equal Or Exceeds To 18.00 Per Share
Warrant Liabilities
Redeemable price per warrant	0.01
Trigger price	$ 18
Threshold trading days for which the entity sends notice of redemption	20 days
Threshold consecutive trading days for which the entity sends notice of redemption	30 days
Warrants | Sale Price Of Common Stock Equal Or Exceeds To 10.00 Per Share
Warrant Liabilities
Redeemable price per warrant	$ 0.1
Trigger price	10
Public Warrants | Redemption of Public Warrants when the price per share of Common Stock equals or exceeds $10.00
Warrant Liabilities
Stock price trigger for redemption of public warrants (in dollars per share)	$ 10

Warrant Liabilities - Fair valu

Warrant Liabilities - Fair value of warrant liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Warrant Liabilities.
Fair value of warrant liabilities	$ 8,735	$ 4,227

Warrant Liabilities - Changes i

Warrant Liabilities - Changes in fair value of warrant liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Warrant Liabilities.
Gain recognized associated with warrant liabilities	$ (4,508)	$ 4,890

Stockholders' Equity - Stock op

Stockholders' Equity - Stock options exercised (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity
Shares of common stock issued upon exercise of stock options	5,141,728
Shares of common stock repurchased (in shares)	(5,704,401)
Common Stock
Stockholders' Equity
Shares of common stock issued upon exercise of stock options	5,141,728	2,490,275
Shares of common stock issued under the ESPP (in shares)	387,664	287,224
Shares of common stock issued upon vesting of RSUs (in shares)	1,229,645	226,201
Shares of restricted common stock issued to non-employees (in shares)	298,508
Shares of common stock repurchased (in shares)	(5,704,401)

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity
Cash received from exercise of stock options	$ 273	$ 220
Cash received from shares of common stock issued under ESPP	412	$ 434
Cash paid for shares of common stock repurchased	$ (9,072)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Jan. 23, 2024
Stockholders' Equity
Amount of common stock repurchased, authorized		$ 50,000
Share repurchase program, excise tax percentage	1%
Repurchased and retired shares of common stock (in shares)	5,704,401
Principal paid for shares of common stock	$ 8,959
Commissions paid for shares of common stock	113
Total cash paid to repurchase and retire shares of common stock	9,072
Excise tax accrued	$ 90
Average cost paid per share	$ 1.59

Stock Based Compensation - 2014

Stock Based Compensation - 2014 Equity Incentive Plan and 2021 Equity Incentive Plan (Details)			12 Months Ended
	Oct. 21, 2024 shares	Jan. 01, 2022 shares	Dec. 31, 2024 installment shares	Dec. 31, 2023 installment shares	Dec. 31, 2022	Jan. 01, 2024 shares	Jan. 01, 2023 shares
Stock Based Compensation
Options outstanding			20,605,693	24,264,016
Awards granted under 2021 Plan (options)			6,324,127
Restricted stock units (RSUs)
Stock Based Compensation
Number of common shares for each RSU upon vesting			1	1
Awards granted under 2021 plan (other than options)			6,792,700	4,663,079
Restricted stock units (RSUs) | Share Based Payment Arrangement Employee
Stock Based Compensation
Vesting percentage			25%	25%	25%
Percentage per quarter thereafter			6.25%	6.25%
Number of successive equal number of installments of remaining vesting shares, vested | installment			12	12
Restricted stock | Share Based Payment Arrangement Non Employee
Stock Based Compensation
Options terms	4 years
Number of additional shares	0
Awards granted under 2021 plan (other than options)			298,508
2014 Plan
Stock Based Compensation
Options terms			10 years
Vesting percentage			75%
Options outstanding			11,241,546	17,134,781
2014 Plan | Vesting after year one
Stock Based Compensation
Vesting percentage			25%
2014 Plan | Vesting after year two
Stock Based Compensation
Number of successive equal number of installments of remaining vesting shares, vested | installment			36
2021 Equity Incentive Plan
Stock Based Compensation
Number of additional shares		18,900,000
Percentage on shares outstanding added to shares available for issuance		5%
Options outstanding		8,377,899	28,196,225	22,369,304		8,950,544	0
Awards granted under 2021 Plan (options)			6,324,127	5,176,889
2021 Equity Incentive Plan | Share Based Payment Arrangement Employee | Vesting after year one
Stock Based Compensation
Percentage per quarter thereafter			6.25%	6.25%
2021 Equity Incentive Plan | Employee Stock Option
Stock Based Compensation
Options terms			10 years	10 years	10 years
2021 Equity Incentive Plan | Employee Stock Option | Vesting after year one
Stock Based Compensation
Vesting percentage			25%	25%
2021 Equity Incentive Plan | Restricted stock units (RSUs)
Stock Based Compensation
Options outstanding			17,174,592	9,144,657

Stock Based Compensation - Comp

Stock Based Compensation - Compensation costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Compensation cost
Equity-based compensation cost	$ 11,972	$ 10,370
Unrecognized compensation costs related to restricted stock units	20,549	23,922
Restricted stock units (RSUs)
Compensation cost
Equity-based compensation cost	5,662	3,427
Employee Stock Option
Compensation cost
Equity-based compensation cost	6,138	6,774
ESPP
Compensation cost
Equity-based compensation cost	$ 172	$ 169

Stock Based Compensation - Allo

Stock Based Compensation - Allocated compensation costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Based Compensation
Equity-based compensation cost	$ 11,972	$ 10,370
Direct costs
Stock Based Compensation
Equity-based compensation cost	1,131	3,751
Research and development
Stock Based Compensation
Equity-based compensation cost	4,463	4,826
Selling, general and administrative
Stock Based Compensation
Equity-based compensation cost	6,378	1,793
Restricted stock
Stock Based Compensation
Equity-based compensation cost		$ 0
Restricted stock | Net loss of equity method investee
Stock Based Compensation
Equity-based compensation cost	$ 22

Stock Based Compensation - Fair

Stock Based Compensation - Fair value of options granted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock Based Compensation
Approximate risk-free rate	4.23%	4.17%
Volatility	48.10%	46.91%
Average expected life (in years)	6 years	6 years
Dividend yield	0%	0%
Weighted-average grant date fair value	$ 0.82	$ 1.42
Estimated fair value of total stock options granted	$ 5,175	$ 7,815

Stock Based Compensation - Summ

Stock Based Compensation - Summary of option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding at beginning of period	24,264,016
Granted	6,324,127
Exercised	(5,141,728)
Forfeited or expired	(4,840,722)
Outstanding at end of period	20,605,693	24,264,016
Exercisable	12,275,078	16,662,487
Weighted-average Exercise Price
Outstanding at beginning of period	$ 2.53
Granted	1.59
Exercised	0.05
Forfeited or expired	3.26
Outstanding at end of period	2.45	$ 2.53
Exercisable	$ 2.48	$ 1.99
Weighted-average Remaining Contractual Term (in years)
Weighted average remaining contractual term	6 years 8 months 4 days	7 years 10 days
Exercisable	5 years 3 months 7 days	4 years 10 months 13 days
Cash received from exercise of stock options	$ 273	$ 220
Aggregate intrinsic value of exercisable option	9,427
Aggregate intrinsic value of exercised options	7,282	70,115
Aggregate intrinsic value of options outstanding	12,008
2014 and 2021 Equity Incentive Plan
Weighted-average Remaining Contractual Term (in years)
Cash received from exercise of stock options	$ 273	$ 220
2014 Plan
Number of Shares
Outstanding at beginning of period	17,134,781
Outstanding at end of period	11,241,546	17,134,781

Stock Based Compensation - Rest

Stock Based Compensation - Restricted stock and Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted stock units (RSUs)
Restricted Stock Units.
Outstanding at beginning of period	4,473,016
Granted	6,792,700	4,663,079
Vested or Exercised	(1,601,279)
Forfeited	(1,463,884)
Outstanding at end of period	8,200,553	4,473,016
Weighted-average Grant Date Fair Value
Outstanding at beginning of period	$ 3.3
Granted	1.58
Vested	2.89
Forfeited	2.26
Outstanding at end of period	$ 3.1	$ 3.3
Intrinsic value	$ 0
Restricted stock | Share Based Payment Arrangement Non Employee
Restricted Stock Units.
Granted	298,508
Vested or Exercised	(59,702)
Outstanding at end of period	238,806
Weighted-average Grant Date Fair Value
Granted	$ 1.23
Vested	1.23
Outstanding at end of period	$ 1.23

Stock Based Compensation - 2021

Stock Based Compensation - 2021 Employee Stock Purchase Plan (Details) - 2021 ESPP - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 08, 2021
Stock Based Compensation
Common Stock available for issuance	1,685,579	4,788,691	5,176,355	3,778,000
Percentage limit on commons stock shares outstanding	1%
Threshold percentage of the combined voting power		5%
Threshold percentage on the fair market value		85%
Maximum percentage of the qualified compensation		15%
Annual limit		$ 25
Share purchase per employee		5,000
Number of additional shares	3,778,000

Basic and Diluted Loss Per Sh_3

Basic and Diluted Loss Per Share - Schedule of reconciliation of basic weighted average common shares outstanding to diluted weighted average shares outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Basic and Diluted Loss Per Share
Net loss attributable to common stockholders	$ (96,520)	$ (65,549)
Weighted average shares outstanding - basic	179,397,332	178,006,919
Weighted average shares outstanding - diluted	179,397,332	178,006,919
Basic loss per share	$ (0.54)	$ (0.37)
Diluted loss per share	$ (0.54)	$ (0.37)

Basic and Diluted Loss Per Sh_4

Basic and Diluted Loss Per Share - Schedule of potentially dilutive securities excluded from the diluted loss per share calculation (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings (Loss) Per Share
Total potentially dilutive securities	49,448,303	48,756,467
Warrants
Earnings (Loss) Per Share
Total potentially dilutive securities	19,333,303	19,333,303
2014 Plan & 2021 Plan - stock options
Earnings (Loss) Per Share
Total potentially dilutive securities	22,969,681	25,877,631
2021 Plan - RSUs
Earnings (Loss) Per Share
Total potentially dilutive securities	7,076,624	3,477,809
ESPP - common stock
Earnings (Loss) Per Share
Total potentially dilutive securities	60,037	67,724
Non-employee restricted stock grants - common stock
Earnings (Loss) Per Share
Total potentially dilutive securities	8,658

Leases - Components of lease (D

Leases - Components of lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 01, 2021
Leases
Operating lease renewal term (in years)	5 years		5 years
Finance lease costs:
Amortization of right-of-use assets	$ 232	$ 197
Interest on lease liabilities	46	53
Operating lease costs	1,209	1,160
Total lease expense	$ 1,487	$ 1,410

Leases - Components of suppleme

Leases - Components of supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating outgoing cash flows - finance leases	$ 47	$ 54
Financing outgoing cash flows - finance leases	377	308
Operating outgoing cash flows - operating leases	1,320	1,138
Right-of-use assets obtained in exchange for new finance lease liabilities:		$ 345
Right-of-use assets obtained in exchange for new and modified operating lease liabilities:	$ 1,005

Leases - Lease term and discoun

Leases - Lease term and discount rate (Details)	Dec. 31, 2024
Leases
Weighted-average remaining lease term - finance leases (in years)	2 years 2 months 8 days
Weighted-average discount rate - finance leases	6.60%
Weighted-average remaining lease term - operating leases (in years)	8 years 3 days
Weighted-average discount rate - operating leases	6.50%

Leases - Schedule of future min

Leases - Schedule of future minimum payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finance Lease
2025	$ 310
2026	179
2027	85
2028	16
Total	590
Less present value discount	39
Total lease liabilities	551
Operating Lease
2025	1,359
2026	1,403
2027	1,448
2028	1,494
2029	1,548
Thereafter	4,031
Total	11,283
Less present value discount	2,427
Total lease liabilities	$ 8,856

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 20,139	$ 17,410
Cost of services	20,284	27,731
Payments made to acquire equity method investments	656
Loss on extinguishment of note receivable	(760)
Share of net loss of equity method investee	(133)
Mezzanine equity	34
Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Cost of services	9,342
Related Party | BMW
Related Party Transaction [Line Items]
Revenue subject to achieving certain milestones	20,000
Revenue from Related Parties	5,410	12,700
Deferred revenue		$ 828
Related Party | Purchase of materials | BMW
Related Party Transaction [Line Items]
Amounts of related party transaction	$ 132
Equity method investee | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Ownership percentage, equity method	20%
Equity method investee | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Payments made to acquire equity method investments	$ 656
Transaction costs	256
Loss on extinguishment of note receivable	(760)
Share of net loss of equity method investee	133
Mezzanine equity	34
OCI, Equity method investment, after tax	$ 25
Equity method investee | Corporate bonds | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Explicit interest rate	3%
Par value of bond	$ 4,448
Fair value of the bond	2,497
Fair value of embedded derivative	584
Debt discount	1,927
Equity method investee | Warrants | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Fair value of the bond	607
Remeasurement of restricted stock awards	12
Equity method investee | Term loan facility | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Principal amount	$ 1,161
Interest rate	3%
Equity method investee | Additional Term Loan Facility | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Amount of additional financing	$ 2,000
Equity method investee | Restricted stock | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Granted	298,508
Equity method investee | On exercise of warrants | Warrants | Dahae Energy Co., Ltd
Related Party Transaction [Line Items]
Ownership percentage, equity method	40%

Related Party Transactions - Eq

Related Party Transactions - Equity method investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan	$ 4,267
Mezzanine equity	34
Interest income	17,671	$ 20,265
Share of net loss of equity method investee	(133)
Dahae Energy Co., Ltd | Equity method investee
Related Party Transaction [Line Items]
Bond	3,105
Loan	1,161
Warrants	607
Equity Method Investment	520
Mezzanine equity	34
Investment portion of loss	(111)
Interest income	105
Share of net loss of equity method investee	133
Other comprehensive income	$ 25

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Plans
Contributions to the plan	$ 1,256	$ 1,084

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Effective tax rate	(1.26%)	0%
Increase in valuation allowance	$ 20,635
Federal net operating loss carryovers	$ 130,333	$ 129,729
Percentage of offset on taxable income for Federal net operating loss carryovers	80%
Uncertain tax benefits	$ 2,474	$ 1,186

Income Taxes - Additional infor

Income Taxes - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Current income tax (benefit) expense:
State	$ 8
Foreign	1,186
Total income tax expense	$ 1,194

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the statutory federal income tax expense (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Effective Tax Rate
Income tax benefit at the federal statutory rate	21%	21%
State income taxes - net of federal income tax benefits	0.82%	1.42%
Foreign withholding taxes	(1.25%)
Global tax rate differential	(0.21%)
Permanent differences	(2.17%)	0.56%
Net change in valuation allowance	(21.79%)	(25.54%)
Research and development	4.08%	2.62%
Other	(1.74%)	(0.06%)
Total income tax expense	(1.26%)	0%

Income Taxes - Deferred income

Income Taxes - Deferred income tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss	$ 30,446	$ 30,534
R&D credit	7,423	3,557
Stock compensation	2,909	3,333
Section 174 capitalization	22,759	9,406
ROU lease liability	2,061	2,332
Available-for-sale securities	(14)	125
Other	2,441	1,204
Total deferred tax asset	68,025	50,491
Valuation allowance	(64,744)	(44,109)
Net deferred tax assets:	3,281	6,382
Deferred tax liabilities:
Intangibles (non-goodwill)	(2)	(1)
Property, plant and equipment	(1,144)	(797)
Accretion	(307)	(3,351)
ROU asset	(1,828)	(2,233)
Total deferred tax liabilities	$ (3,281)	$ (6,382)

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Unrecognized tax benefits
Balance, beginning of year	$ 1,186
Gross increases related to prior period tax position	383
Gross increases related to current period tax position	905
Balance, end of year	$ 2,474

Segment Disclosure - Schedule o

Segment Disclosure - Schedule of segment disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Disclosure
Revenue	$ 20,139	$ 17,410
Government
Segment Disclosure
Revenue	2,732	5,107
Government | Customer A | US
Segment Disclosure
Revenue	2,472	826
Government | Customer B | US
Segment Disclosure
Revenue	246	2,783
Government | Other | US
Segment Disclosure
Revenue	14	1,498
Collaborative
Segment Disclosure
Revenue	17,407	12,303
Collaborative | Customer C | US
Segment Disclosure
Revenue	3,020
Collaborative | Customer C | Republic of Korea
Segment Disclosure
Revenue	8,760
Collaborative | Customer D | US
Segment Disclosure
Revenue	5,410	$ 12,303
Collaborative | Other | US
Segment Disclosure
Revenue	$ 217

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Thousands	Jan. 21, 2025 USD ($)
Subsequent Events
Assistance agreement fund amount	$ 50,000
Cost share obligation amount	$ 60,000