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Riverstone Energy invests in batteries

Riverstone Energy invests in batteries – Riverstone Energy Limited has bought an interest in one of Samsung Ventures’ battery technology focused venture capital portfolios for $30.0m. Other affiliates of the manager invested a further $3.0m. Within the portfolio are seven unrealised investments, including around 1.66m shares of Solid Power, Inc, which account for most of the value of the portfolio.

On 15 June 2021, Solid Power, an industry-leading producer of all-solid-state rechargeable batteries for electric vehicles and mobile power markets, announced a merger with Decarbonization Plus Acquisition Corporation III (DCRC). Riverstone Energy already owns founder shares and warrants in DCRC and has a commitment to purchase $20m of DCRC common stock in a private placement transaction at $10 per share. If the DCRC common stock continues to be valued at $10 per share, the Samsung portfolio’s Solid Power shares would be valued at approximately $64m – providing a decent upside for Riverstone Energy. Robert Tichio of Riverstone Holdings LLC will end up on the board of Solid Power.

About Solid Power

Solid Power describes itself as an industry-leading producer of all-solid-state rechargeable batteries for electric vehicles and mobile power markets. Solid Power replaces the flammable liquid electrolyte in a conventional lithium-ion battery with a proprietary sulfide solid electrolyte. It says that, as a result, Solid Power’s all-solid-state batteries are safer and more stable across a broad temperature range, can provide a 50-75% increase in energy density compared to the best available rechargeable batteries, enable cheaper, more energy-dense battery pack designs and are compatible with traditional lithium-ion manufacturing processes.

Solid Power’s earlier $130m Series B financing was backed by BMW, Ford and Volta.

There is more information available here

This investment takes Riverstone Energy a little further down the road to re-orientating its portfolio towards greener energy projects. [QuotedData’s James Carthew recently wrote an article on the two Riverstone funds for Investment Trust Insider, which highlighted Riverstone Energy’s poison pill management arrangement – there is a link to this here.]

RSE : Riverstone Energy invests in batteries

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