Factorial Energy, a developer of solid-state batteries, raised $200 million as part of a Series D round of funding led by Mercedes-Benz (DAI) and Stellantis N.V.
The company plans to use the fresh funds 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.
According to Factorial Energy, its Factorial Electrolyte System Technology (FEST) leverages a solid electrolyte material, enabling safe and reliable cell performance with high-capacity cathode and anode materials. The company has Joint Development Agreements (announced in late 2021) with Mercedes-Benz, Stellantis, and Hyundai, three of the top 10 automotive manufacturers, to commercialize Factorial’s batteries.
“We continue to move aggressively towards our goal of delivering automotive-scale, solid-state battery technology to our customers,” said Factorial Energy CEO Siyu Huang. “This funding will enable us to not only advance core research and development but also scale our team and invest in manufacturing facilities to drive commercial production.”
“Since we successfully developed the first 40 Amp-hour solid-state battery in 2021, it has been tested extensively,” continued Huang. “We look forward to getting batteries in the hands of our customers for strenuous testing and validation at the next level,” added Siyu Huang.
Factorial Energy is constructing a pilot production facility in New England that will enable the company to scale its large-format cell output and produce batteries for customer testing.
“Stellantis is full-speed ahead on its electrification transformation with 33 electrified models available right now, and eight battery electric vehicles coming in the next 18 months,” said Carlos Tavares, CEO of Stellantis. “With our partners, including Factorial, we will quickly electrify our brand portfolio with safe, sustainable, and affordable solutions.”
Battery Storage companies raised $1.6 billion in Q3 2021. SVOLT, a battery cell manufacturer, secured $1 billion from Sichuan Energy Investment, Han’s Laser Technology, Changzhou Xingyu, and CDH Investments.
