WOBURN, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Factorial Energy (Factorial) has entered into Joint Collaboration Agreements with both Mercedes-Benz (DAI) and Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA), each of whom is also making a strategic investment in the company.
“These partnerships will accelerate our ability to commercialize our core technology,” said Factorial Energy CEO Siyu Huang, Ph.D. “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.”
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.
“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,” said 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. “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.”
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.
“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,” said Stellantis CEO Carlos Tavares. “Initiatives like these will yield a faster time to market and more cost-effective transition to solid-state technology.”
Factorial’s collaboration agreements with leading global automotive manufacturers, including Hyundai Motor Company, Kia Corporation, Stellantis and Mercedes-Benz, are a significant validation of its technology and a springboard for commercialization in vehicles around the world.
About Factorial Energy
Based in Woburn, Massachusetts, Factorial Energy has developed breakthrough solid-state batteries that offer 20 to 50 percent longer range per charge, increased safety, and cost competitive with conventional lithium-ion batteries. The company’s proprietary FEST™ (Factorial Electrolyte System Technology) leverages a solid electrolyte material, which enables safe and reliable cell performance with high-capacity cathode and anode materials. FEST™’s electrolyte has been successfully scaled in 40Ah cells, works at room temperature, and can utilize the majority of existing lithium-ion battery manufacturing equipment. The company has received strategic investments from, and entered into Joint Collaboration Agreements with, Mercedes-Benz, Stellantis, Hyundai Motor Company and Kia Corporation. More information can be found at www.factorialenergy.com.
About Mercedes-Benz
Mercedes-Benz AG is responsible for the global business of Mercedes-Benz Cars and Mercedes-Benz Vans, with over 170,000 employees worldwide. The company focuses on the development, production and sales of passenger cars, vans and vehicle-related services. Furthermore, the company aspires to be the leader in the fields of electric mobility and vehicle software. Mercedes-Benz AG is one of the world's largest manufacturers of luxury passenger cars. In its two business segments, Mercedes-Benz AG is continually expanding its worldwide production network with around 35 production sites on four continents, while gearing itself to meet the requirements of electric mobility. At the same time, the company is constructing and extending its global battery production network on three continents.
About Stellantis
Stellantis is one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions. In addition to the Group’s rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis leverages its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates. More information can be found at www.stellantis.com.
Media Contacts
Factorial
John Williams, Scoville PR
jwilliams@scovillepr.com, 206-660-5503
Stellantis
Pierre-Olivier SALMON
pierreolivier.salmon@stellantis.com
+33 6 76 86 45
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/edff9a77-062d-4267-9b7a-ddb1c714bc58
