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Factorial Energy raises $200 million for solid-state battery tech

Massachusetts-based solid-state battery developer Factorial Energy raised $200 million in a Series D funding round from Mercedes-Benz and Stellantis. It will use the funding for research and development, commercial production and the deployment of batteries with its Factorial Electrolyte System Technology (FEST) electrolyte. While Stellantis announced 2026 as its goal for introducing the first competitive solid-state battery technology, Factorial Energy expects construction on a New England-area pilot plant for producing the batteries to begin in early 2022.

In 2021, Factorial says it became the first to develop a 40 Ah solid-state battery, which included the company’s FEST electrolyte. Its R&D efforts will be directed at customer testing.

“We look forward to getting batteries in the hands of our customers for strenuous testing and validation at the next level,” says Factorial Energy CEO Siyu Huang.

FEST is a proprietary solid electrolyte material. Factorial says it delivers safe and reliable cell performance at room temperature. Factorial estimates that its FEST batteries could offer up to 50% more driving range than current lithium-ion batteries. The batteries are compatible with current lithium-ion battery manufacturing infrastructure, which could lower costs and complexity for automakers.

In addition to the joint development agreement that generated the funding round, Factorial has a joint development agreement with Hyundai to commercialize its batteries.

Source: Factorial Energy  

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