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Factorial Energy raises $200M to accelerate commercialization of solid-state batteries for EVs; round led by Mercedes, Stellantis

Factorial Energy (Factorial) has raised $200 million as part of a Series D round of funding that was led by Mercedes-Benz and Stellantis Funding will be used to accelerate commercial production and deployment of Factorial’s solid-state battery technology that is safer and offers up to 50% greater driving range than current lithium-ion technology.

Factorial is constructing a 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.

Factorial’s technology offers a high level of operational safety and extends driving range up to 50%, 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 company has Joint Development Agreements (announced in late 2021) with Mercedes-Benz, Stellantis and Hyundai to commercialize Factorial’s batteries.

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

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. (Earlier post.)


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