In the great race to define the next century of energy, solid-state batteries stand at the crossroads of hype and high stakes. In theory, they should be the future of electric vehicles, consumer gadgets, and renewable grids. No liquid electrolytes to leak, no dendrites to ruin the show, and performance metrics that make lithium-ion look antiquated. But theory doesn’t run a production line. For every lab breakthrough, there’s a manufacturing engineer somewhere throwing up their hands at actually producing these things. This market is the classic high-risk, high-reward bet. In this guide, we’ll examine the top solid-state battery stocks, ranked by their pure-play focus.
At their core, these batteries replace the liquid or gel electrolyte in traditional lithium-ion cells with a solid material. The choice of this solid—ceramic, polymer, or some exotic composite—is critical. A solid-state electrolyte offers the possibility of higher energy density, improved safety, and faster charging. No liquid means no risk of leaks or fires, and the tighter packing of ions means more power can be stored in a smaller space. The science feels beautifully simple, but simplicity is often deceiving.
Companies claiming revolutionary advancements often gloss over the painful realities of scaling atomic-level discoveries to gigafactory production. And yet, the upside is extraordinary. A solid-state battery that delivers on its promises could enable EVs with 800-mile ranges, mobile devices that last days without charging, and grid storage solutions that make intermittent renewables a reliable primary power source. The science itself isn’t hype—it’s real. The question is whether it’s ready to leap from the lab to the assembly line, and whether the companies behind it have the balance sheets and brains to make that leap without falling into the abyss.
Note: We make every effort to keep our info accurate and up-to-date. However, emerging tech moves fast and company situations can change overnight. This guide is an intro to the solid-state battery market; but ultimately, do your own due diligence before taking action.
Tier 1: Pure-Play Solid-State Battery Stocks
Tier 1 is made up of solid-state battery stocks who are all-in on this technology. These are high-risk ventures—often pre-revenue—dedicated to solving the technical and manufacturing challenges unique to solid-state chemistry. Success could reshape the battery market entirely, while failure is a constant threat due to the steep hurdles of scaling up this challenging technology.
QuantumScape (QS)
QuantumScape (QS) is pursuing a cutting-edge lithium-metal design, but must overcome scalability challenges.
QuantumScape is the quintessential pure-play solid-state battery stock. Founded in 2010 and backed by Volkswagen and Bill Gates, QuantumScape’s goal is ambitious: to develop a lithium-metal solid-state battery with a ceramic separator. This would do away with the flammable liquid electrolyte of conventional lithium-ion batteries. The core promise is a solid-state battery that’s capable of charging to 80% in just 15 minutes while extending EV range by 50%.
Their 2021 prototype results have shown hope—with a capacity retention rate of more than 80% after 800 cycles and operating at temperatures as low as -30°C. Still, QuantumScape is a company whose value rests largely on potential. It aims to reach commercialization in 2025, but they’ve yet to sell a single battery. Instead, they’re selling a story, and the market’s been willing to buy it, even when shares tumbled from their late 2020 highs. It’s an unproven technology, but also one brimming with potential.
The story here is a cautionary one. They might deliver, and if they do, they could revolutionize not only the EV sector but potentially the entire grid-storage space. Yet the road to commercialization is littered with engineering obstacles. Yield, scalability, and longevity of these ceramic layers are still in question. In that sense, QuantumScape is at the knife’s edge—an incredible scientific breakthrough, but with a commercial viability that’s still uncertain.
Solid Power (SLDP)
Solid Power (SLDP) offers a grounded approach to solid-state batteries by leveraging existing lithium-ion production methods.
Solid Power offers a different approach—more pragmatic, less glittery, but perhaps more achievable. Instead of a lithium-metal anode, they’re focused on a lithium-sulfur solid-state battery that is easier to manufacture. They incorporate traditional lithium-ion production techniques to achieve economies of scale. Think of them as the middle child of the solid-state battery race—not afraid to push through incremental improvements.
Solid Power’s strength lies in its industry partnerships. Ford and BMW have both invested, and by mid-2022, they had begun delivering battery cells to these automakers for testing. The company has its own pilot production line, and its aim is to seamlessly integrate its technology into existing gigafactories. It will also use materials that can be more easily scaled up—as opposed to QuantumScape’s ceramic layers, which require entirely new production paradigms.
What’s compelling about Solid Power is their hedge—the company isn’t betting entirely on the flashy, difficult-to-perfect all-solid-state lithium-metal battery. Solid Power’s success will hinge on proving their batteries can truly match the manufacturing scalability their partners need—without being outshined by the purer ambitions of QuantumScape. As of late 2024, SLDP has about 18 months of cash runway to prove whether or not they can meet their 2026 commercialization target.
Ilika plc (ILIKF)
Ilika (ILIKF) focuses on high-value applications in medical and IoT markets while working to scale its automotive ambitions.
Ilika—a British contender, and a company that has never met a niche it didn’t want to fill. Unlike its American counterparts, Ilika has spent more time focused on miniature solid-state batteries. Think medical implants, remote sensors, and IoT devices. Its Goliath program, however, is the company’s foray into larger, automotive-scale batteries, and this is where things get interesting.
The draw with Ilika is its laser focus on high-value, smaller-scale markets, which makes it a different kind of play in this space. Instead of diving headfirst into the complex manufacturing demands of electric vehicle batteries, Ilika first developed a solid-state battery for micro-medical devices. This might seem like an almost comically different end of the spectrum, but it’s a strategic niche. It allows Ilika to generate early revenue streams while scaling up their larger Goliath project.
For investors, Ilika is a more speculative solid-state battery stock, currently trading in penny-stock territory. The market cap is under $50 million, but the upside here is their early-mover advantage in non-automotive applications. It’s a bet on niching down: if solid-state becomes the standard, Ilika might be a winner on the edges, supplying where the larger fish are unlikely to swim. The challenge, of course, is proving they can pivot to scaling Goliath at a competitive cost. If they manage that—and that’s a big ‘if’—they could offer a unique value proposition, not directly battling QuantumScape or Solid Power, but carving out a profitable niche in other sectors.
SES AI Corporation (SES)
SES AI (SES) bets on a hybrid lithium-metal solution that blends traditional and emerging battery tech.
SES AI Corporation is a product of MIT’s research ecosystem, and they approach solid-state batteries through a different door: hybrid lithium-metal. SES is essentially trying to fuse the best parts of both lithium-ion and solid-state technologies, aiming for the high energy density that a lithium-metal anode can provide, but without giving up on the liquid electrolyte altogether. It’s a halfway house between old and new—and there’s something compelling about that compromise.
SES isn’t chasing the pure solid-state dream like some others on this list. Instead, they’ve chosen to maintain a liquid electrolyte to help bridge the gaps in solid-state feasibility. By taking this hybrid approach, SES sidesteps some of the scalability issues that plague their solid-state-only competitors. They already have partnerships with Hyundai and General Motors, which makes them a serious contender, and their Apollo battery has been designed to meet automotive requirements on cycle life, cost, and safety.
In essence, SES has taken a look at the industry’s bold claims and said, “Sure, we could do that, but let’s get something out the door first.” Their path to commercialization seems closer at hand, and they’ve been producing A-sample batteries since 2022. The challenge SES faces is that the compromise could mean not being first in either category: neither truly a solid-state pioneer nor a leader in traditional lithium-ion. For investors, SES represents a balance between near-term market entry and future tech—a middle path that could pay off if full solid-state remains perpetually just beyond reach.
Tier 2: Automakers with Major Solid-State Battery Initiatives
Tier 2 features automakers that are investing heavily in solid-state battery tech to extend the range, safety, and charging speed of future electric models. Unlike pure-play solid-state battery stocks, these automakers hedge their efforts across multiple battery technologies, meaning their success doesn’t hinge solely on solid-state.
Toyota Motor Corporation (TM)
Toyota (TM) cautiously innovates, with over 1,000 solid-state patents while balancing its legacy hybrid dominance.
Toyota, the world’s largest carmaker by volume, has always been a bit of a paradox—the conservative risk-taker. When others sprinted to lithium-ion, Toyota hesitated, relying instead on its trusted hybrid technology. The company now has more than 1,000 patents related to solid-state batteries. This suggests one of two things: either they know something we don’t, or they’re simply trying to lock down the field.
Toyota claims to have solved some of the fundamental issues that plague solid-state batteries, namely dendrite formation (which compromises safety) and the problem of scaling up production in a cost-effective way. With whispers of a commercial rollout in 2025, Toyota’s solid-state battery is expected to deliver a range of over 435 miles and recharge in under 10 minutes. That’s the promise, anyway.
But Toyota is no Tesla; they’re not the company that will launch with abandon and ask for forgiveness later. Instead, the Japanese giant has one foot cautiously perched on a future led by solid-state while another remains firmly planted in its hybrid comfort zone. The gamble lies in whether they’ll be too late to market, allowing others to learn and adapt quicker while Toyota waits for perfection.
Volkswagen AG (VWAGY)
Volkswagen (VWAGY) is betting on QuantumScape to lead the mass-market EV revolution with solid-state batteries.
Volkswagen has a knack for recognizing an existential threat and then pouring cash into solving it. Dieselgate was a debacle that left the company not humbled, but even hungrier. Thus, Volkswagen’s strategy in the battery market could best be described as an all-out blitz. It’s hard to understate how many euros VW is throwing at solid-state technology and their chosen partner is QuantumScape, another solid-state battery stock on this list.
QuantumScape claims it has found the holy grail of solid-state batteries: an anode-less battery with the potential to achieve energy densities up to 500 Wh/kg—almost twice as much as traditional lithium-ion batteries. The allure here is an EV that charges faster than it takes to fill a gas tank, offering ranges far beyond today’s lithium-ion setups. Volkswagen has committed hundreds of millions of dollars to QuantumScape, expecting to integrate solid-state technology by the latter half of this decade.
VW, with its sights set on producing 70 electric models by 2030, wants to dominate the mass market. The risk, of course, lies in ambitious technology meeting the hard realities of manufacturing scale. That’s something that’s often harder to solve than the chemistry itself.
Ford Motor Company (F)
Ford (F) is positioning to capture the high-margin electric truck market, bolstered by its investment in Solid Power.
Ford’s entry into the solid-state battery race looks a bit like someone arriving late to a fancy dinner party, but with a killer dessert in hand. They’re not the first, but their $130 million investment in Solid Power might be sweet enough to make everyone forget. Ford’s F-150 Lightning, their entry into the electric truck market, is a strong start. Yet they know that if they’re going to compete with Tesla’s Cybertruck and Rivian, they need better batteries—more energy dense, lighter, safer.
Solid Power’s promise is to create a sulfide-based solid electrolyte that will allow for longer ranges and faster charging. Ford expects that the technology might be ready for commercialization by 2027. While Ford is behind Toyota or VW in terms of solid-state progress, the American company is catching up without overcommitting. The challenge will be to not fall too far behind the curve while others sprint ahead. Solid-state could become the killer app for their electric trucks, giving Ford an edge in the high-margin American truck market.
General Motors Company (GM)
General Motors (GM) is betting on SES’s hybrid lithium-metal technology to future-proof its EV battery platform.
General Motors loves a good wild card—and in the solid-state battery arena, they’ve found one in SES, the Boston-based battery startup. GM has made no secret about its intentions: they want an all-electric future by 2035. Along those lines, they’ve already allocated over $35 billion toward EV and autonomous vehicle development by 2025. And SES, another solid-state battery stock on this list, is key to GM’s strategy.
GM’s Ultium battery platform is the cornerstone of its EV, and integrating solid-state is their attempt to future-proof it. SES is working on a “hybrid” lithium-metal solid-state battery that promises energy densities up to 400 Wh/kg. The beauty of SES’s hybrid approach is that it blends some of the best aspects of traditional lithium-ion with the theoretical perks of solid-state. It thereby sidesteps some of the scalability issues that plague other solid-state developers. The promise is there: GM envisions solid-state cells powering Cadillacs that can travel 500 miles on a single charge.
BYD (BYDDF)
BYD (BYDDF), China’s leading EV manufacturer, aims to use its vertically integrated supply chain to scale and expand globally.
BYD, backed by none other than Warren Buffett’s Berkshire Hathaway, is more than just another Chinese automaker. It’s an integrated energy conglomerate that has consistently zigged when others zagged. When most of the West focused on cobalt-heavy lithium-ion, BYD invested heavily in lithium-iron-phosphate (LFP), trading energy density for cost efficiency and safety. With solid-state batteries, BYD is playing the maverick again. BYD is developing what it calls a “blade battery” as a bridge to solid-state. This design aims to eliminate much of the inherent danger in battery overheating.
Rumors abound that BYD’s research arm is already testing prototypes of solid-state batteries, with a potential release around 2025. BYD’s vertically integrated supply chain, which includes mining raw materials, gives it a potential advantage that others simply can’t match. They can afford to move fast, pivot, or double down based on the market’s demands. BYD’s ability to deliver a low-cost, solid-state battery could make it an unparalleled force in not just China, but globally, especially as it continues to expand into Europe and beyond. Solid-state technology would fit neatly into BYD’s narrative: a safe, scalable, cost-effective solution for the mass market.
Tier 3: Diversified Companies with Solid-State Interests
Tier 3 solid-state battery stocks are diversified companies actively exploring the technology but without committing their entire strategy to it. These firms are often key suppliers or have specific niches, like consumer electronics or battery materials, where solid-state could give them a competitive edge.
Samsung SDI (SSDIY)
Samsung SDI (SSDIY) uses its ties with Samsung Electronics to accelerate solid-state battery adoption in consumer devices.
Samsung SDI, part of the Samsung conglomerate, is positioned at an intriguing crossroads in the race for solid-state supremacy. What gives Samsung SDI an edge is its synergy with Samsung Electronics. It has a natural customer, and it has a reason to care. Unlike other battery makers whose advances end up slotted into someone else’s devices, Samsung SDI’s successes feed directly into their corporate sibling’s products. This vertical integration has the potential to streamline the adoption of solid-state batteries inside devices like Galaxy phones and eventually EVs.
Samsung SDI is also heavily investing in partnerships to bolster its technology. The 2023 announcement of collaboration with Hyundai on solid-state EV batteries is a strategic move, an attempt to take advantage of the burgeoning electric vehicle market. R&D spending has been substantial—up to 7.5% of sales, with billions allocated specifically for next-gen battery tech. The company’s pilot solid-state cell production lines in Suwon have begun generating early-stage cells, making this the ultimate proving ground.
Panasonic Holdings (PCRFY)
Panasonic (PCRFY) is betting on a gradual transition to solid-state while enhancing its lithium-ion footprint.
Panasonic is a seasoned warrior of the battery business, entrenched through its decade-long partnership with Tesla. Panasonic has seen the landscape shift, and it knows that solid-state is the future. However, they’ve been relatively cautious compared to the bombast of startups. Instead, Panasonic aims to transition slowly—perfecting lithium-ion cells while gradually working toward a solid-state version.
The linchpin in Panasonic’s strategy might be their new billion-dollar investment in Kansas to build a state-of-the-art factory. While still primarily focused on high-density lithium-ion production, there is a clear nod to the future of solid-state here, with modular capabilities that will allow a pivot. The big bet for Panasonic is to slowly convert its gigafactories to support solid-state cells, a process that’s slated to begin around 2025. It’s late compared to Samsung, but Panasonic has historically been the tortoise that lets the hares of the battery market burn out.
Murata Manufacturing (MRAAY)
Murata (MRAAY) targets niche markets with solid-state batteries tailored for wearables, medical devices, and IoT.
If you haven’t heard of Murata, you’re probably not alone. They aren’t exactly a household name, unless your household has a lot of circuit boards lying around. Murata doesn’t build car batteries or power walls; it makes smaller, specialized batteries—the kind you’d use in wearables, medical devices, and IoT sensors. This focus on niche markets gives Murata a head start in applications where solid-state could really make a difference. Think of a pacemaker with a solid-state battery—safer, more reliable, longer-lasting.
Murata is betting that while everyone else scrambles for the electric vehicle market, there’s a future in the little things that require pinpoint accuracy and reliability. They’ve been aggressive, recently acquiring Sony’s battery business. They’re also spending north of $200 million annually on developing this technology, with a target of mass production by 2027. It’s not a flashy timeline, but Murata’s bet is that when everyone else is figuring out how to make solid-state work for electric trucks, they’ll already be embedded in every niche device you can think of.
BASF SE (BASFY)
BASF SE (BASFY) aims to be the key supplier of battery materials, betting on next-gen electrolytes and cathodes.
And now for the wild card of this tier—BASF SE, the largest chemical producer in the world. You don’t generally think of BASF as a “battery company,” because, well, they’re not. But BASF’s strategy is to insert itself into every aspect of the value chain without ever putting its name on a finished product. They’ve quietly become one of the most important suppliers in the battery materials market, setting themselves up as indispensable to whichever horse wins the solid-state race.
BASF is developing cathode active materials that can be integrated into solid-state designs. So unlike Panasonic or Samsung, BASF doesn’t care who ends up on top—just that they’re there to supply the chemicals. For example, they’ve partnered with several companies—most notably Toyota—to work on the next-gen electrolytes for solid-state batteries. Their big bet lies in high-nickel cathodes, which can reduce cobalt dependency and increase energy density.