Battery startup Factorial Energy is picking up investments from automakers left and right as it jockeys to win the electric vehicle market.
A month after the Woburn-based company announced it was partnering with Hyundai and Kia, Factorial said today it’s also linking up with Mercedes-Benz and Stellantis NV.
That means the company now has deals with three of the top 10 auto manufacturers in the world.
Factorial says its solid-state batteries, the first to reach the benchmark of 40 amp-hours, can be used for a 20% to 50% longer range per charge than conventional lithium-ion batteries, while also being cost competitive and increasing safety. They run on what the company calls FEST (Factorial Electrolyte System Technology), which uses a proprietary solid-electrolyte material.
“These partnerships will accelerate our ability to commercialize our core technology,” said Factorial Energy CEO Siyu Huang in a statement.
The company is looking to grow its staff and ride its momentum toward commercialization.
Mercedes is investing a “high double-digit million-dollar amount” in the startup, according to board member Markus Schäfer.
“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,” Schäfer said. “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 just launched out of stealth mode earlier this year, with more than $40 million in capital commitments and advisers carrying big names from the auto industry.
