Factorial Energy, a 6-year-old solid-state battery start-up developer in Massachusetts, announced a major investment cooperation agreement with two new automotive partners, Mercedes-Benz and Stellantis.
Both new partners are making “strategic investments” in Factorial Energy and are signing joint cooperation agreements, similar to Hyundai Motor and Kia in October.
Attracting the three major automobile groups (Daimler, Hyundai Motor and Stellattis) is a clear sign, indicating that Factorial Energy’s battery technology is very promising.
As far as Daimler is concerned, the investment amount has been described as “up to double-digit million dollars.
The company explained that its proprietary solid electrolyte materials and Factorial Electrolyte System Technology (FEST) enable it to produce safe and reliable solid-state batteries, which are the world’s first solid-state batteries with a capacity of 40Ah at room temperature.
The advancement of Factorial is based on FEST™ (Factorial Electrolyte System Technology), which uses a proprietary solid electrolyte material to achieve safe and reliable battery performance through high voltage and high capacity electrodes at room temperature. Earlier this year, Factorial became the first company to reach the 40 Amp-hour benchmark using solid-state batteries that operate at room temperature, demonstrating the scalability of FEST™ electrolyte.
Compared with traditional lithium-ion technology using liquid electrolytes, the energy density also seems to have been significantly improved, as the company promised to increase mileage by 20-50% (Wh/kg and Wh/l figures have not yet been announced).
The brief information also indicates that the cost (per kWh) will be reduced because the existing manufacturing infrastructure can be reused for Factorial’s solid state battery types.
Factorial’s technology provides a high level of operational safety and extends the mileage by 20% to 50%, solving two key factors widely adopted by consumers. It is directly compatible with the existing lithium-ion battery manufacturing infrastructure, reducing the cost and complexity of automakers switching to different battery technologies.
Factorial Energy CEO Huang Siyu, Ph.D. said: “These partnerships will accelerate our ability to commercialize core technologies. Together with our new partners, we can develop not only to make vehicles safer and longer range, but also compatible with traditional Lithium-ion battery manufacturing environment batteries. Compatible.”.
Markus Schäfer, member of the management committees of Daimler AG and Mercedes-Benz AG, head of Daimler Group research, and chief operating officer of Mercedes-Benz, said: “By accelerating Mercedes-Benz’s The’pure electric’ strategy, we have laid the foundation for an all-electric future. We will also play a leading role in the field of battery technology. With Factorial as our new partner, we promise to elevate the research and development of solid-state batteries to a new level In the end, we invested millions of dollars in Factorial. Through this cooperation, we will combine Mercedes-Benz’s expertise in battery development and vehicle integration with our partner Factorial’s expertise in solid-state batteries. Combining comprehensive expertise, we have a common vision for carbon dioxide neutralization. The continuous development of innovative battery technology will make electric vehicles more attractive to our customers.
Carlos Tavares, CEO of Stellantis said: “Our investment in Factorial and other well-recognized battery partners has increased the speed and agility required to provide cutting-edge technology to our electric vehicle portfolio. Initiatives like this will speed time to market and be more cost-effective Way to transition to solid-state technology.”
Mercedes-Benz; a brief history
The story begins in Germany in the 1880s, when its co-founders Gottlieb Daimler and Carl Benz independently tried to free the world from the carriage. The invention of the high-speed engine allowed the two inventors to lay the foundation for changing road transportation. The two founders run their own companies, namely Benz & Cie and Daimler-Motoren-Gesellschaft (DMG). They are competitors and want to be the best in the market.
In 1897, Austrian businessman Emil Jelinek developed a keen interest in the automotive industry. After visiting the Daimler factory, Jellinek ordered his first Daimler car. However, due to lack of speed, he requested a faster car. In this way, Daimler produced the world’s first four-cylinder engine. Over the years, Jellinek has become an indispensable asset for DMG because he has good financial relationships and has begun to promote and sell DMG vehicles to some of the highest classes in society. In April 1900, it was decided to use the name of Jelinek’s daughter; Mercedes as their production name.
The First World War brought difficult times for manufacturers, and luxury brands were particularly struggling to maintain their customer base due to high inflation. Therefore, former competitors became partners, and in 1926 Daimler-Benz AG was established.
This three-pointed star belongs to DMG and is surrounded by its trade name “Mercedes” and the famous “Benz”. The two names are entwined by a laurel wreath. The combination of these three factors resulted in the badge we all know and love today.
Mercedes-Benz has a history of 89 years since its establishment, and it has developed into one of the most trusted brands in the automotive industry. This is not surprising, because it has a long history.
Stellantis; a brief history
Stellantis N.V. is a multinational automobile manufacturing company established by the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group in 2021 with a 50-50 cross-border merger. The company is headquartered in Amsterdam, the Netherlands. As of May 2021, Stellattis is the sixth largest automaker in the world, after Volkswagen Group, Toyota, Renault-Nissan-Mitsubishi Alliance, General Motors and Hyundai Motor Group.
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