Factorial Energy Announces Investments from and Collaboration Agreements with Both Mercedes-Benz and Stellantis
30 November 2021 - 12:00PM
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 EnergyBased 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-BenzMercedes-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 StellantisStellantis 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 ContactsFactorialJohn Williams, Scoville
PRjwilliams@scovillepr.com, 206-660-5503
StellantisPierre-Olivier
SALMONpierreolivier.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