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Partnerships

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Note 3. Partnerships

In December 2020, the Company established a partnership with Hyundai Motor Company (“Hyundai”) when it entered into a joint development agreement (“JDA”) to jointly research and develop Li-Metal battery technology. Further, in May 2021, the Company executed another JDA with Hyundai to jointly develop an A-Sample Li-Metal battery effective August 31, 2021. The JDAs have an initial term of three years.

In February 2021, the Company established a partnership with GM Global Technology Operations LLC (“GM Technology”), an affiliate of GM Ventures LLC (“GM Ventures”), and General Motors Holdings LLC (“GM Holdings”) (collectively, “General Motors” or “GM”) when it entered into a JDA to jointly research and develop an A-Sample Li-Metal battery cell and build-out a prototype manufacturing line for GM Technology. The JDA has an initial term of three years.

In December 2021, the Company established a partnership with Honda Motor Company, Ltd. (“Honda”) when it entered into a JDA to jointly research and develop an A-Sample Li-Metal battery cell. The JDA had a term of two years, which concluded on June 30, 2023.

Under the terms of certain JDAs, the Company will fund research and development activities and capital expenditures related the buildout of pilot manufacturing lines and the JDA partner will be required to reimburse such expenses to the Company, regardless of the results of the research and development activities. The following table summarizes credits to research and development recorded in accordance to the terms of the JDA agreements:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2023			2022			2023			2022
Research and development (related party)	$	2,537		$	2,810		$	4,307		$	3,457
Research and development		5,750			1,328			7,166			2,398
Total credits to research and development	$	8,287		$	4,138		$	11,473		$	5,855

Additionally, the Company recorded $9.6 million as a credit to property and equipment in the condensed consolidated balance sheet as of June 30, 2022, which represents reimbursements received from a related party for property and equipment constructed and owned by the Company.

As of June 30, 2023 and December 31, 2022, $2.4 million was outstanding as a receivable from related party as disclosed in the condensed consolidated balance sheets. As of June 30, 2023, there was a non-related party receivable of $3.1 million outstanding compared to no amount outstanding at December 31, 2022. As of June 30, 2023, there was no deferred income for non-related party JDAs as compared to the $4.2 million recorded as deferred income at December 31, 2022. Amounts for non-related party receivables and deferred income are recorded within prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively, in the consolidated balance sheets.