After completing this round of financing, Factorial Energy, a US start-up that has raised $200m, will further develop solid-state batteries for electric vehicles and try to commercialize them, according to foreign media reports.
Factorial, which was founded three years ago and is headquartered in Woben (Woburn), Massachusetts, led the financing round by carmaker Stellantis and Daimler's Mercedes-Benz.
Factorial is one of several US startups trying to commercialize solid-state battery technology, which uses solid-state electrolytes instead of flammable liquid solutions, so the technology is expected to reduce the risk of battery fires and extend the range of electric vehicles.
Potential competitors include QuantumScape, a 12-year-old Silicon Valley company that went public in 2020, and Solid Power, a 10-year-old company that went public in December last year, is also a potential competitor to Factorial, headquartered in (Louisville), Colorado. QuantumScape has received investment from Volkswagen Group, while Solid Power has invested in automakers such as BMW, Ford and Hyundai. In addition to these start-ups, other established car companies are also developing solid-state battery technology, the most famous of which is the Japanese carmaker Toyota.
Stellantis CEO Tang Weishi (Carlos Tavares) said last year that the company aims to use solid-state batteries in its electric vehicles from 2026. Factorial revealed that they have established partnerships with Mercedes-Benz, Stellantis, Hyundai and Kia.
