Factorial Energy, a Massachusetts-based 6-year-old start-up developer of solid-state batteries, has announced a major investment and collaboration agreements with two new automotive partners: Mercedes-Benz and Stellantis.
Both new partners are making "strategic investments" in Factorial Energy and are entering into Joint Collaboration Agreements, similar to Hyundai Motor Company and Kia Corporation in October.
Attracting three major automotive groups (Daimler, Hyundai Motor Group and Stellantis) is a clear sign to us that Factorial Energy's battery technology is very promising.
In the case of Daimler, the investment amount has been described as "a high double-digit million dollar amount."
The company explains that its proprietary solid electrolyte material and Factorial Electrolyte System Technology (FEST) enables it to produce safe and reliable solid-state battery cells, which, as first in the world, reached 40 Ah capacity at room temperature.
"Factorial’s advances are based on FEST™ (Factorial Electrolyte System Technology), which leverages a proprietary solid electrolyte material that enables safe and reliable cell performance with high-voltage and high-capacity electrodes at room temperature. Earlier this year, Factorial became the first to reach the 40 Amp-hour benchmark with a solid-state cell that works at room temperature, demonstrating the scalability of the FEST™ electrolyte."
The energy density also appears to be significantly improved compared to conventional lithium-ion technology with a liquid electrolyte, as the company promises 20-50% increase in driving range (without posting Wh/kg and Wh/l numbers).
The brief info suggests also that the costs (per kWh) will be reduced because the existing manufacturing infrastructure might be repurposed for Factorial’s solid-state battery type.
"Factorial’s technology offers a high level of operational safety and extends driving range by 20 to 50 percent, addressing two key factors to broad consumer adoption. Its drop-in compatibility with existing lithium-ion battery manufacturing infrastructure reduces costs and the complexity of changing to a different battery technology for auto manufacturers."
Factorial Energy CEO Siyu Huang, Ph.D. said:
“These partnerships will accelerate our ability to commercialize our core technology. With our new partners we can develop batteries that not only enable safer and longer driving range vehicles, but that are also compatible with conventional lithium-ion battery manufacturing environments.”
Markus Schäfer, Member of the Board of Management of Daimler AG and Mercedes-Benz AG and responsible for Daimler Group Research and Mercedes-Benz Cars COO said:
“By accelerating our Mercedes-Benz strategy towards 'Electric Only', we have set the course for a fully electric future. We will also play a leading role in the field of battery technology. With Factorial as our new partner, we are taking research and development in the field of promising solid-state batteries to the next level. To this end, we are investing a high double-digit million dollar amount in Factorial.
With this cooperation, we combine Mercedes-Benz's expertise in battery development and vehicle integration with the comprehensive know-how of our partner Factorial in the field of solid-state batteries. We share the common vision of CO2 neutrality. The continuous development of innovative battery technologies will make electric mobility even more attractive for our customers."
Stellantis CEO Carlos Tavares said:
“Our investment in Factorial and other highly recognized battery partners boosts the speed and agility needed to provide cutting-edge technology for our electric vehicle portfolio. Initiatives like these will yield a faster time to market and more cost-effective transition to solid-state technology.”