Factorial Energy raises $200 million towards development of solid-state EV batteries
Factorial Energy has raised $200 million as part of a Series D round of funding led by Mercedes-Benz and Stellantis N.V. The company says the funding will be used to accelerate commercial production and deployment of its solid-state battery technology for EVs that offers up to 50 percent greater driving range than current lithium-ion technology.
Based in Woburn, Massachusetts, Factorial Energy has developed breakthrough solid-state batteries that promise longer range per charge, increased safety, and are cost-competitive with conventional lithium-ion batteries. Its 'Factorial Electrolyte System Technology' (FEST) leverages a solid electrolyte material, which enables safe and reliable cell performance with high-capacity cathode and anode materials.
Earlier this year, Factorial became the first to reach the 40 Amp-hour benchmarks with a solid-state cell that works at room temperature, demonstrating the scalability of the FEST electrolyte.
The company is constructing a state-of-the-art pilot production facility that will enable the company to scale its large-format cell output and produce batteries for customer testing. The facility will be located in the New England area and the construction is scheduled to start in early 2022.
"We continue to move aggressively towards our goal of delivering automotive-scale, solid-state battery technology to our customers," said Factorial Energy CEO Siyu Huang, Ph.D.
"This funding will enable us to not only advance core research and development but also scale our team and invest in manufacturing facilities to drive commercial production."
Factorial has joint development agreements with three leading automakers namely Mercedes-Benz, Stellantis, and Hyundai to commercialize Factorial's batteries. "Since we successfully developed the first 40 Amp-hour solid-state battery in 2021 it has been tested extensively," continued Huang. "We look forward to getting batteries in the hands of our customers for strenuous testing and validation at the next level."
"Stellantis is full-speed ahead on its electrification transformation with 33 electrified models available right now, and eight battery electric vehicles coming in the next 18 months," said Carlos Tavares, CEO of Stellantis.
"With our partners, including Factorial, we will quickly electrify our brand portfolio with safe, sustainable, and affordable solutions."