The world runs on a 30-year-old compromise. The lithium-ion battery, commercialized by Sony in the 90’s, has been a quiet hero of the modern age. It put phones in our pockets, laptops in our bags, and EVs in our garages. We’ve pushed this technology to its limits, but we’re rapidly approaching a wall. Its core design, which relies on a flammable liquid electrolyte, is the source of its greatest limitations: fire risk, fading lifespans, and a ceiling on how much energy we can safely pack into a small space. To take the next great leap, we’d need a new foundation entirely. Solid-state is a leading contender.
Solid-state batteries (SSB) replace the volatile liquid electrolyte with a thin, stable layer of solid material, such as a ceramic or polymer. This one “simple” change unlocks a cascade of benefits across safety, energy density, and lifespan. The global battery market is projected to be worth over $400 billion by 2030. The company that scales a commercial solid-state battery would not just capture a piece of that market; it would upend it. Think: EVs with 800-mile range that can recharge in 15 minutes, or a phone battery that outlasts the device it powers.
In this report, we highlight the top solid-state battery stocks leading the race to commercialize this transformative technology.
Solid-State: A Radically Simpler System
Think of a conventional battery like a sandwich. You have two energy-storing layers, the anode (-) and the cathode (+). In between them is the “filling”—a liquid electrolyte, which ferries lithium ions back and forth, and a plastic separator to prevent the two sides from touching and short-circuiting. Solid-state batteries replace that “filling” with a single, stable layer of solid material.
Here’s why that matters from a system-level view: An EV battery pack today is a complex and heavy beast, but much of its weight and cost comes from non-battery components. Because the cells are volatile, they require sophisticated cooling systems to prevent overheating, heavy casing to prevent punctures, and complex electronics to monitor each cell individually.
Solid-state batteries, on the other hand, are stable and non-flammable. That means much of this support infrastructure becomes obsolete. The battery design can shift from a complex assembly of modules to a simple “cell-to-pack” architecture. The final pack becomes cheaper to produce, lighter, and much smaller.
The Billion-Dollar Bottleneck
If solid-state is so revolutionary, why isn’t it everywhere? Because “simple” on paper is brutally complex in practice. Today’s lithium-ion cells are made using a “roll-to-roll” method, much like a printing press. It’s a fast, relatively cheap, and mature method honed over 30 years.
Solid electrolytes, particularly the promising ceramic variants, can’t be made this way. They require slow, energy-intensive processes more akin to firing pottery. Making a ceramic separator that’s thinner than a human hair, large enough for an EV battery, and free of microscopic defects is an immense challenge. You’re moving from high-speed coating to high-precision materials fabrication.
For investors, this manufacturing challenge is the story to watch. It’s the bottleneck, but also the moat. And today, that story is at an inflection point. Momentum is mounting as automotive OEMs sign foundational deals, pilot production lines spool up, and the first sample cells hit the road for real-world testing.
The fate of solid-state batteries has shifted from “if” to “when”—and most importantly, “who.”
Let’s look at the “who:”
Pure-Play Solid-State Battery Developers
These are the purists betting everything on cracking the core challenges of solid-state design. Without the baggage of legacy manufacturing, their singular focus is on developing a revolutionary new battery from the ground up. These pure-play solid state battery stocks offer the most torque on breakthroughs or setbacks; they carry the highest technical risk but also offer the most disruptive potential.
QuantumScape (NYSE: QS)
HQ: USA; Pioneering anode-free, solid-state ceramic battery tech.
Spun out of Stanford University with backing from Volkswagen, QuantumScape is pursuing a holy grail of battery design: an anode-free cell. Their core technology is a flexible, ceramic solid-electrolyte separator. By eliminating the anode, the component that holds lithium ions when a battery is charged, they aim to create a lighter, more energy-dense cell. In its place, a super-thin anode is formed from pure lithium metal as the battery charges. This elegant design promises exceptional energy density (>800 Wh/L) and game-changing fast-charging speeds—a claimed 10% to 80% charge in under 15 minutes—but presents an immense manufacturing challenge, requiring near-perfect, defect-free ceramic films.
Currently, QuantumScape’s story is one of gradual de-risking. The company has begun shipping its first 24-layer QSE-5 “B-Sample” cells to automotive partners for vehicle-level testing, a critical milestone to prove the cell can perform outside the lab. Their manufacturing process, dubbed “Cobra,” is now being scaled in conjunction with their joint venture partner PowerCo (Volkswagen’s battery arm). While a series production vehicle is still years away, likely closer to 2028, the successful validation of their prototype cells by multiple OEMs marks a major step from theoretical science toward a manufacturable product.
Solid Power (NASDAQ: SLDP)
HQ: USA; Supplying solid electrolyte for battery manufacturers.
Emerging from research at the University of Colorado Boulder, Solid Power has positioned itself not just as a battery maker, but as an arms dealer for the solid-state transition. The company produces a sulfide-based solid electrolyte and has developed cells using advanced silicon and lithium-metal anodes. Their core strategy is to de-risk manufacturing for their automotive partners, Ford and BMW. By designing their solid electrolyte to be compatible with existing roll-to-roll lithium-ion production lines, they offer a path to scale that requires retooling, not rebuilding. They plan to primarily sell their proprietary electrolyte material to cell manufacturers, creating a high-margin, licensing-like business model.
Solid Power’s progress is measured on the production line. Their SP2 facility in Colorado is now producing EV-scale cells and delivering them to partners for automotive qualification. In a major validation of their approach, BMW has integrated Solid Power’s A-sample cells into a demonstration vehicle for real-world road testing. While they are still optimizing cycle life, the ability to produce these cells on a pilot line and get them into cars puts them at the forefront of the race to commercialize a sulfide-based solid-state battery, with a target of 2028 for inclusion in production vehicles.
Ilika (LSE: IKA, OTC: ILIKF)
HQ: UK; Dual-market strategy with tiny medical and large EV batteries.
UK-based Ilika is executing a two-pronged strategy to commercialize its oxide-based solid-state technology. The company runs two distinct product lines: Stereax for miniature medical implants and Goliath for electric vehicles. This allows them to generate near-term revenue and refine their manufacturing processes on a small scale before tackling the automotive market. The Stereax batteries are tiny, high-value cells designed to power devices like smart medical implants and industrial sensors. Their Goliath program targets EVs with a silicon anode design, which promises a significant boost in energy density and fast-charge capability over the graphite anodes used in today’s batteries.
Ilika’s commercialization path differs for the two technologies. For Stereax, they have transitioned from pilot production to full-scale manufacturing through a partnership with global medical device manufacturer Cirtec. This provides a crucial revenue stream and validates their core technology in a demanding, regulated market. For the Goliath line, Ilika is on track to deliver its “P2” prototype cells to automotive partners by the end of 2025. This next-generation prototype is designed to prove the chemistry can meet the performance, cost, and manufacturability targets required for EVs, positioning them for potential joint ventures or licensing deals around 2028-2030.
SSB-Adjacent Benchmarks
Before a revolution can succeed, it must first prove it is better than the best of the old guard. The companies in this category represent that benchmark, which makes them important to include in this list. Instead of pursuing a pure solid-state design, they push the boundaries of existing lithium-ion architecture with new innovations, such as 100% silicon anodes or hybrid lithium-metal cells.
Compared to pure-play solid state battery stocks, these companies offer a more evolutionary, and potentially more manufacturable, path to next-generation performance.
SES AI Corporation (NYSE: SES)
HQ: USA; Pragmatic bridge to solid-state via hybrid Li-Metal.
Born out of an MIT incubator, SES AI argues that the leap to pure solid-state is too great a manufacturing hurdle for the near term. Instead, they’ve pioneered a “hybrid” approach with their Lithium-Metal battery. The design replaces the bulky graphite anode with a thin sheet of pure lithium metal—the lightest and most energy-dense anode material possible. The historical problem has been safety; lithium metal tends to form sharp, needle-like growths called dendrites that can cause a short circuit. SES’s innovation is a special high-concentration liquid electrolyte that chemically tames the lithium surface, suppressing these dangerous growths. This delivers energy density nearing solid-state (over 400 Wh/kg) while leveraging existing, scalable lithium-ion manufacturing infrastructure.
SES is arguably the closest to mass production of any next-generation battery company. They operate three A-sample pilot facilities globally and have joint development agreements with three major automakers: General Motors, Hyundai, and Honda. These partners are actively testing their large-format cells, providing a clear roadmap toward mass production. By focusing on a “good enough” solution that can be made at scale sooner, SES has become the benchmark against which more revolutionary—and more difficult—solid-state designs are judged.
Amprius Technologies (NYSE: AMPX)
HQ: USA; Silicon nanowire anodes for market-leading energy density.
Amprius is the leader in the race to perfect the silicon anode, a technology that offers a more direct upgrade path than a full solid-state redesign. Silicon can hold dramatically more lithium than the graphite in today’s batteries, but it has a fatal flaw: it swells and cracks apart after just a few cycles. Amprius’s breakthrough is a proprietary silicon nanowire anode. Instead of using a simple silicon powder, they grow a microscopic “forest” of porous silicon wires directly on the conductor. This structure gives the silicon room to expand and contract without breaking the anode. The result is a stable, 100% silicon anode that provides the highest commercially available energy-to-weight ratio on the market.
Amprius has already established a dominant position in high-performance niche markets like aerospace and electric aviation, where low weight is paramount. This provides them with revenue and real-world validation as they scale. Their commercialization focus is now on a new large-scale manufacturing facility in Colorado, intended to bring their costs down for the mainstream EV market. While not a solid-state battery, Amprius’s market-leading performance sets a daunting target that many solid-state developers are still vying to meet in the lab, let alone on a production line.
Enovix Corporation (NASDAQ: ENVX)
HQ: USA; Novel 3D battery architecture for higher density and safety.
While most battery companies focus on chemistry, Enovix tackled the problem with physics. Their innovation is a radical redesign of the battery’s architecture. Conventional batteries are made by rolling the anode, cathode, and separator together into a “jelly roll.” Enovix instead precisely stacks these components like sheets of paper. This “3D Cell Architecture” not only uses space more efficiently to boost energy density, but it also allows them to tame a powerful 100% silicon anode. Their structure incorporates a safety feature called “BrakeFlow”—a built-in resistance system that stops a dangerous surge of energy during a short circuit, preventing thermal runaway.
Enovix’s commercial strategy is to first dominate high-value consumer electronics before tackling the EV market. After years of pilot production in California, their first high-volume manufacturing facility, Fab2, is now ramping up in Malaysia to supply smartwatch, smartphone, and laptop manufacturers. By proving their technology and manufacturing model in these demanding markets, they are building the operational muscle needed for a future automotive cell. For an industry still solving the complexities of solid-state, Enovix presents a compelling alternative: a breakthrough achieved not through exotic materials, but through smarter design.
Automakers with Major SSB Programs
Ultimately, a battery is only as valuable as the product it powers. The automakers are the kingmakers in this story—the end-use customers whose demand will pull the winning technology from the lab to the freeway. Of course, they’re not waiting passively; they are actively placing multi-billion-dollar bets and forming deep partnerships to secure their future. Their validation and manufacturing prowess are the essential final ingredients for scale.
The strategic decisions made by these giants will largely determine which solid state battery stocks transition from promising ventures into industrial titans. While most major automakers now have credible SSB initiatives, we’ve chosen to highlight a cross-section of notable leaders across regions.
Toyota (NYSE: TM)
HQ: Japan; Leveraging decades of R&D to lead SSB commercialization.
No automaker has been working on solid-state batteries longer or more quietly than Toyota. With over a thousand SSB-related patents, the company has been a foundational research leader for over a decade. Their primary focus is on a sulfide-based solid electrolyte, a material known for its high performance but also its sensitivity to moisture. To overcome the manufacturing hurdles, Toyota has entered a landmark partnership with Japanese energy giant Idemitsu Kosan. The joint effort aims to scale production of the sulfide electrolyte, a crucial bottleneck, and develop a cost-effective, high-volume manufacturing process for the finished cells.
After years of cautious timelines, Toyota shocked the industry by announcing a clear and aggressive commercialization roadmap. Their plan is to introduce the first EVs powered by solid-state batteries in 2027-2028. They are targeting a vehicle with over 750 miles of range and a DC fast-charging time of 10 minutes or less. A pilot production line is already operational, and the Idemitsu partnership is expected to enable full-scale mass production by the end of the decade. As the world’s largest automaker, Toyota’s all-in commitment has shifted the solid-state race from a question of “if” to a sprint to “when.”
Volkswagen (ETR: VOW3, OTC: VWAGY)
HQ: Germany; All-in strategic partner to industrialize QuantumScape’s tech.
Volkswagen has made the industry’s boldest bet on a single solid-state technology through its deep partnership with QuantumScape. Rather than spreading its investments, VW has gone all-in, making an early investment and forming a joint venture with the developer through its battery subsidiary, PowerCo. The goal is to co-develop a manufacturing process for QuantumScape’s anode-free ceramic electrolyte cells and establish a unified production plan. This highly integrated approach gives Volkswagen unparalleled access and insight into the technology, but also ties its solid-state future directly to QuantumScape’s ability to solve immense manufacturing challenges.
The partnership is now moving from the lab toward industrialization. Following successful validation of QuantumScape’s A-samples in its German labs, PowerCo has expanded its agreement to define the path for the first joint gigafactory. The ultimate goal is to integrate these cells into its unified cell format, which is designed to be used across 80% of its future EV models. While a production vehicle featuring the technology is not expected until the 2028-2030 timeframe, Volkswagen’s unwavering financial and technical commitment has created one of the most powerful and focused efforts to bring a truly next-generation battery to the mass market.
Ford (NYSE: F)
HQ: USA; Pragmatic dual-track approach to solid-state battery adoption.
Ford is taking a pragmatic and diversified approach to solid-state batteries, investing in multiple technologies to ensure it has a winning horse in the race. Their strategy is anchored by a long-standing investment and joint development agreement with Solid Power. This partnership is attractive because Solid Power’s sulfide-based electrolyte is designed to be integrated into existing lithium-ion manufacturing processes, offering a potentially faster and cheaper path to commercialization. Ford is already receiving EV-scale cells from Solid Power’s pilot line for internal testing and validation, with the goal of deploying them in next-generation EVs around 2028.
To hedge its bet, Ford has also initiated a new, albeit smaller, R&D partnership with QuantumScape. This gives them access to a second, more revolutionary technology path without the deep financial commitment made by Volkswagen. This dual-track strategy positions Ford as an informed customer. They can actively help scale a manufacturable-first approach with Solid Power while keeping a close watch on the higher-risk, higher-reward anode-free technology from QuantumScape. It’s an approach that prioritizes flexibility and de-risks their transition to the next era of electric vehicles.