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Stellantis completes investment round in solid electrolite battery developper Factorial

Stellantis has completed, through its affiliate, an investment round in Factorial Energy (Factorial) as part of Factorial’s Series D round of funding, together with other investors. Factorial rose $200 million in this round.

Funding will be used to accelerate commercial production and deployment of Factorial’s solid-state battery technology that is robust and offers up to 50 percent greater driving range than current lithium-ion technology.

Factorial’s technology offers a high level of operational safety and extends driving range up 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. 

The advances offered y this startup for batteries 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 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.”

“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.”

The investment completed by Stellantis is part of Joint Development Agreement announced in November 2021, together with other investors. Daimler is other of the European investors pushing Factorial ahead. Hyundai has also signed a collaboration and investment agreement with Factorial.

Stellantis announced during its EV Day program in July 2021 its target of having the first competitive solid-state battery technology introduced by 2026.

“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.”

Image over the headline.- Factorial solid-state battery.© Factorial

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