Factorial Energy

Factorial Energy develops solid-state batteries, which the company claims offer up to 50% greater driving range compared to lithium-ion batteries. The company launched a 40 ampere-hour solid-state battery cell prototype in April 2021. In January 2023 , Factorial unveiled its first 100 Amp-Hour (Ah) battery cell that was developed as part of the joint development agreement formed between Factorial and Stellantis in November 2021. This solid-state battery is expected to deliver up to 30% higher energy density compared to conventional lithium-ion, thus enabling the possibility for a longer driving range or less weight.

In May 2023 , Factorial received the United Nations (UN) 38.3 safety certification for its large-format automotive solid-state batteries. This enables Factorial to ship its 100+Ah cells globally to customers and partners. Following this in October 2023, the company shipped A-samples of its 100+ Ah Factorial Electrolyte System Technology solid-state battery cells to automotive partners such as Mercedes-Benz, Hyundai Motor Group, and Stellantis for testing.

Factorial commenced operations at its battery manufacturing unit in Methuen, Massachusetts in October 2023 , following an investment of USD 50 million. The facility will accommodate a production capacity of up to 200 MWh and stands to be the largest solid-state battery assembly line in the US. The company also expanded its operations into South Korea and Japan over 2022. Furthermore inn March 2023, Factorial established a European subsidiary in Germany .

Key customers and partnerships

Factorial Energy has entered into joint agreements with leading automotive manufacturers such as Mercedes-Benz, Hyundai, and Kia to commercialize its batteries.  

Funding and financials

Factorial Energy’s most recent funding was in January 2022 , when it raised USD 200 million in a Series D round led by Mercedes-Benz and Stellantis. The company came out of stealth in April 2021, raising USD 40 million in a Series A round, followed by an undisclosed Series B round in October 2021. The proceeds were to be utilized for the commercialization of its solid-state battery tech for EVs.