Factorial Energy’s aim is to set new standards in the area of energy density, enabling longer vehicle range with shorter charging. Based in Woburn, Massachusetts, the company says its batteries offer up to 50% longer range per charge and increased safety.
Mercedes-Benz said it is “investing a high double-digit million dollar amount in Factorial” giving it the right to a representative on the American company’s board of directors. The plan is to jointly develop next-generation battery technology with the aim of testing prototype cells as early as next year. Over the next five years, Mercedes-Benz will integrate this battery technology into a selection of its vehicles.
The agreement between Stellantis and Factorial Energy also includes a strategic investment from Stellantis.
“Our investment in Factorial and other highly recognised battery partners boosts the speed and agility needed to provide cutting-edge technology for our electric vehicle portfolio,” said Stellantis chief executive Carlos Tavares.
“Initiatives like these will yield a faster time to market and more cost-effective transition to solid-state technology.”
In July 2021 during Stellantis’s EV Day program, it announced a target to have the first competitive solid state battery technology introduced by 2026.
“It is a great honor to partner with Stellantis, a leading global mobility player, which has some of the most iconic auto brands in the world,” said Siyu Huang, co-founder and chief executive of Factorial Energy.
“It is an incredible opportunity for us to advance the adoption of our clean, efficient and safe solid-state battery technology to the mass market.”