Solid Power, Inc.

Greetings and welcome to the Solid Power second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Almquist with Investor Relations. Please go ahead.

Thank you, Stacey, and thank you, everyone, for joining us today. Joining me on the call today are Solid Power's Chief Executive Officer, Doug Campbell, and Chief Financial Officer, Kevin Papsiski. A copy of today's press release is available on the Investor Relations section of our website at ir.solidpowerbattery.com. Before we get started, I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by U.S. securities laws. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements to reflect future events or circumstances. For discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in our forward-looking statements, please see our most recent filings with the Securities and Exchange Commission, which can be found on our website at ir.solidpowerbattery.com. With that, I'll turn it over to Doug Campbell.

Thank you, Jen. Good afternoon, everyone, and thanks for joining us. I'll begin today with a business update, then I'll pass it over to Kevin for a brief review of the financials, and then I'll return with some concluding remarks. Looking at the second quarter, I'm pleased at our progress in the continued strong execution by the solid power team. Since our last update, cell development has remained on track. We currently anticipate 20 amp hour cell deliveries to our joint development agreement partners, BMW and Ford, will be made in August and September. We completed construction of our EV cell pilot line on time. and we made meaningful progress on the construction of our electrolyte production facility. Overall, I'm encouraged by our achievements as we position the company to execute through the next stages of the automotive qualification process. Let me take a moment to talk about each of these things in a little more detail. First, I want to talk about cell development. We remain on track to deliver 20 amp hour cells to Ford and BMW in the third quarter. These cells will be used for their initial testing. While we still have technological challenges to overcome, the delivery of 20 amp hour cells is a meaningful step towards achieving a full scale EV cell suitable for entering a sample validation phase. And I want to give a shout out to our development team for their strong execution in making these deliveries on time. Turning to operational developments, I'll start with the EV cell pilot line. As we announced in June, we have completed the installation of our EV cell pilot line. As a reminder, this EV cell line is exclusively dedicated to the production of our full-scale EV cell design, with which we intend to enter a sample validation phase and initiate the formal automotive qualification process later this year. While the line is not as flexible as compared to our pre-pilot production lines in terms of its ability to produce a wide range of cell sizes, it is designed for much higher throughput. Thus, longer term, we expect the EV cell line to provide us the capability to complete B sample validation phases for both of our automotive partners, which is a significant milestone in terms of qualifying EV cells for vehicle integration. We continue to work to optimize the line and believe we are still on track to begin producing our silicon-based EV scale cells for our own internal testing later this quarter. Next, I want to give a brief update on our electrolyte production facility. I'm pleased to say that construction on our electrolyte production facility is progressing well. As I sit here today, much of the facility's major structural framework is in place and equipment installation is ongoing. However, we have not been immune to supply chain challenges. We were recently notified by our equipment suppliers that due to component shortages and extended delivery and transit times, we should expect delayed delivery of a select few pieces of equipment. As a result, we now expect powder production to begin during the first quarter of 2023. However, we believe this will have no impact on our cell development and delivery timeline. And this is because we have already increased electrolyte production at our Louisville facility. We believe this production will be sufficient to support our near-term needs as we begin producing EV scale cells. We currently expect no change to our ability to enter a sample phase later this year. It is also worth noting that we had the opportunity to expedite equipment deliveries to enable us to start production as we originally targeted in 2022. To accomplish that would have required accelerating equipment production, transit, and increasing labor efforts. We determined that the small slip in the start of production was not worth the incremental financial cost or the effort it would take by our team, especially given that a later start date did not jeopardize our ability to make partner deliveries on schedule. I'm proud of our team's careful planning and execution, which enabled us to preserve optionality with respect to the start of production at our electrolyte facility. Understanding the importance of these new operational capabilities as well as the performance of our cells We are in the initial planning stages for an event that we are currently targeting for the first half of 2023. The intent with this event will be to provide a deeper dive into our technology and showcase our new operational capabilities. We will provide more specifics as the date and event details come together. In short, we are encouraged by our progress in the first half of this year. I'm immensely proud of our team's ability to keep our development efforts largely on track despite the significant supply chain challenges currently being experienced by our industry. I believe our team has done a phenomenal job in mitigating near-term complexities as we execute on our 2022 goals. With continued strong execution on these critical operational and development milestones, we believe we are positioning ourselves for long-term success as we look to advance through the next coming stages of our commercialization process. With that, I'll pass it over to Kevin to take you through our first quarter results. Kevin?