8 Best EV Penny Stocks to Invest in Now

2. Solid Power, Inc. (NASDAQ:SLDP)

Number of Hedge Fund Holders: 14

Share Price: $1.23

Solid Power, Inc. (NASDAQ:SLDP) is a Colorado company focused on solid-state battery technology, especially for electric vehicles and other industries. It is recognized for its sulfide-based solid electrolytes and licenses its unique cell designs and production methods. The company’s technology improves safety and increases energy density by 50-75% compared to traditional batteries, making it a strong contender for EVs, electronics, and aerospace applications.

The company produces solid-state battery cells and sulfide electrolytes, working with leading automakers like SK On, Ford, and BMW. It has pilot production lines to refine cell designs and is expanding electrolyte production while advancing cell development. Recent updates include growing electrolyte shipments and improvements in its A-2 cell design.

Solid Power (NASDAQ:SLDP) is expanding its partnerships, especially with SK On in Korea, where it aims to set up an EV cell production line by mid-2025. The company is strengthening its connections in Korea and Japan to increase involvement in the local battery markets.

Additionally, Solid Power (NASDAQ:SLDP) continues to collaborate with BMW to improve cell performance, with potential plans for BMW’s demo car program in the future.

Analysts’ sentiment shows a significant upside for the company’s stock as it has been covered by 5 analysts with an average price target of $3, representing an upside of nearly 144%, as of October 22.