Hyundai, Kia & Factorial Energy partner to develop solid-state batteries for next generation EVs; strategic investment
Start-up solid-state battery company Factorial Energy, Hyundai Motor Company and Kia Corporation are partnering to test Factorial’s novel solid-state battery technology and its integration in Hyundai electric vehicles. Under the Joint Development Agreement, which includes a strategic investment, the companies will integrate Factorial technology at the cell, module, and system levels, perform vehicle-level integration, and co-develop specifications for manufacturing Factorial’s batteries.
The announcement is Factorial’s first major strategic investment from a major automotive OEM group and deepens its existing research relationship with Hyundai.
Factorial’s solid-state technology 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 and has been scaled in 40Ah cells that perform at room temperature.
FEST is safer than conventional lithium-ion technology, extends driving range by 20% to 50%, and is drop-in compatible for easy integration into existing lithium-ion battery manufacturing infrastructure.
Factorial’s leadership team includes former Chairman and CEO of Panasonic Corporation of North America Joe Taylor as executive chairman. In addition, Dieter Zetsche, former Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz; Mark Fields, former Ford Motor Company CEO; and Harry Wilson, former senior advisor to the Obama Administration’s Presidential Task Force on the Auto Industry, are members of Factorial’s advisory board.