SCHEDULE: CVI Investments, Heights Capital Disclose 9.9% Solid Power Stake

CVI Investments, Inc. and Heights Capital Management, Inc. have disclosed a combined beneficial ownership of 9.9% in Solid Power, Inc. common stock.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. reported beneficial ownership of Solid Power, Inc. common stock.
• They collectively own 21,110,920 shares, representing 9.9% of the class.
• Heights Capital Management, Inc. serves as the investment manager for CVI Investments, Inc., exercising shared voting and dispositive power over these shares.
• The reported ownership includes 17,000,000 shares and additional shares issuable upon the exercise of pre-funded and other warrants.
• The exercise of warrants is limited such that beneficial ownership by the reporting persons and their affiliates would not exceed 9.99%.
• Solid Power, Inc. had 207,209,602 shares outstanding as of the completion of an offering mentioned in a January 29, 2026 prospectus supplement.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as it confirms a significant institutional investor's continued substantial stake in Solid Power, which can be interpreted as a vote of confidence in the company's prospects.

Positives

• Significant institutional investment: CVI Investments, Inc. and Heights Capital Management, Inc. hold a substantial 9.9% stake in Solid Power, Inc., indicating confidence from sophisticated investors.
• Strategic investment structure: The inclusion of warrants suggests a long-term or strategic interest, with a built-in cap to avoid exceeding 9.99% beneficial ownership.

Risks

• Warrant exercise limitation: The Warrants held by the reporting persons are not exercisable to the extent that beneficial ownership would exceed 9.99%, which could limit their ability to fully convert their potential holdings if the threshold is met.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Solid Power, Inc. or the reporting persons regarding future operational performance or strategic direction.

Management Comments

• Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
• Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

StockSavvy.ai notes that the disclosure of a significant institutional stake by CVI Investments and Heights Capital Management in Solid Power, a company focused on solid-state battery technology, signals continued investor interest in the advanced battery sector. Such substantial investments can often be interpreted as a vote of confidence in the company's long-term potential within a competitive and evolving industry.

Comparison to Industry Standards

• This filing is an ownership disclosure and does not provide performance metrics or operational results that can be directly compared to industry standards or specific competitors. It primarily details the beneficial ownership structure of a significant institutional investor.

Corporate Governance

Related Party Transactions

• CVI Investments, Inc. and Heights Capital Management, Inc. have a related party arrangement where Heights Capital acts as the investment manager for CVI Investments, Inc., exercising shared voting and dispositive power over the reported shares.

Stakeholder Impact

• Shareholders of Solid Power, Inc. may view the significant institutional stake by CVI Investments and Heights Capital Management as a positive indicator of long-term investor confidence.
• The reporting persons, CVI Investments and Heights Capital Management, maintain a substantial equity position, aligning their interests with the company's performance.

Next Steps

• No specific future actions or milestones are mentioned in this beneficial ownership report.

Key Dates

Recommendation

The filing reveals a substantial 9.9% beneficial ownership by CVI Investments and Heights Capital Management in Solid Power, indicating significant institutional interest and a potential vote of confidence. While this is a positive signal, the Schedule 13G primarily focuses on ownership disclosure rather than operational or financial performance. Therefore, a 'hold' recommendation is appropriate for existing investors, suggesting continued monitoring, and for potential investors, it warrants further due diligence into Solid Power's fundamentals beyond this ownership report.

Keywords

Solid Power, CVI Investments, Heights Capital Management, Schedule 13G, beneficial ownership, common stock, warrants, institutional investor, SEC filing, equity stake