Factorial Energy which is a US-based startup that's working on solid-state batteries has revealed that it has received investments from Mercedes Benz and Stellantis, apart from the investments from Hyundai and its subsidiary Kia. Factorial Energy claims to have developed a technology that can deliver up to 25 percent to 50 percent better range per charge.
It has its own Factorial Electrolyte System Technology which uses a solid electrolyte material enabling safer and more reliable cell performance with high capacity electrodes at similar prices to traditional lithium-ion batteries. Only earlier this month, it announced its partnership with Hyundai to jointly develop solid-state batteries for electric cars. The investment from Hyundai is towards solid-state technologies from cell level to modules to vehicle integration.
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Stellantis is particularly a big catch for Factorial energy as it is the parent of 15 brands that include, Jeep, RAM, Fiat, Dodge, Pegouet, Vauxhall, Alfa Romeo, Maserati, Chrysler amongst others. "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," said its CEO Carlos Tavares.
Mercedes Benz was vaguer in its revelations but it also gets the right to put a representative on the Factorial Energy Board of Directors. It will be testing Factorial's technology over the next five years.
"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," said Mercedes Benz COO Markus Schafer.
Factorial Energy has revealed that it has already scaled its FEST electrolyte to 40Ah cells working at room temperature and can be integrated into most lithium-ion battery manufacturing processes.
