Fisker secures investment from Caterpillar for its solid-state battery technology

Fisker, an electric car startup founded by famed designer Henrik Fisker, announced that it received an investment from heavy machinery manufacturer Caterpillar for its solid-state battery technology.

Over the last few years, Henrik Fisker has been trying to launch a new EV startup under his own name after his original effort failed in 2013 and other companies took over.

Earlier this year, the startup unveiled its new EMotion all-electric vehicle with the claim of a 400-mile range on a single charge.

Unlike the first Fisker electric car which was dependent on a battery system from A123, they are claiming that they developed their own battery technology for their new vehicles.

Last year, Fisker claimed a solid-state battery ‘breakthrough’ for electric cars with ‘500 miles range and 1-minute charging’.

Now Caterpillar apparently wants a piece of it as their investment is reportedly based on Fisker’s battery technology:

“Investment aimed at Fisker Inc.’s future solid-state battery technology with applications in construction, energy storage, transportation and mining industries.”

The timeline to commercialize the battery technology is unclear.

Fisker has previously said anything from 2018 to 2023.

Electrek’s Take

As I have stated before, I have a lot of doubts about Fisker’s new EV startup and it’s not just because I remember what happened the first time around.

Last year, we found out that the company was using some shady techniques to hype the product by sockpuppeting on articles.

That said, I’m all for the electrification of heavy machinery and I think solid-state batteries have a bright future, but the key word here is ‘future’.

No company has been producing solid-state batteries at high enough volume and attractive enough price points to be commercially viable.

Some other companies invested millions in the technology, like Bosch, and ended up giving up on it.

Based on comments from many battery experts, it doesn’t sound like it will happen by 2025.

I really want it to happen, but I somehow have doubts that Fisker is going to be the company to make it happen.

What do you think? Let us know in the comment section below.