Tech

Battery maker Factorial Energy enters investment agreement with Daimler, Stellantis

FILE PHOTO: The Daimler logo is seen before Daimler's annual shareholder meeting in Berlin,
FILE PHOTO: The Daimler logo is seen before Daimler’s annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS / Hannibal Hanschke / File Photo

November 30, 2021

(Reuters) – U.S.-based Factorial Energy said on Tuesday it has entered into agreements with Mercedes-Benz-owned Daimler AG and Stellantis NV to commercialize its battery technology.

Under the partnership, both Daimler and Stellantis will make strategic investments in the solid-state battery maker, Factorial Energy said in a statement, without providing any financial details, according to Factorial Energy.

As the transition to greener mobility gains more traction, demand for e-vehicles is expected to soar, after Daimler and five other carmakers pledged earlier this month to phasing out fossil fuel vehicles by 2040.

These partnerships follow Stellantis’ agreement with lithium developer Vulcan Energy Resources and Daimler’s investment in the latest funding round of its electric vehicle charging venture Ionity.

“With our new partners, we are able to develop batteries that not only allow safer vehicles and longer driving range, but are also compatible with conventional lithium-ion battery manufacturing environments, ” Factorial Energy CEO Siyu Huang said.

Hyundai Motor Co and Kia Corp also signed a cooperation agreement with Factorial Energy that Forbes reported https://www.forbes.com/sites/greggardner/2021/10/28/hyundai-kia-partner-with-factorial-energy – on-solid-state-pin-tech /? sh=4290c350b8d4 before.

(Reporting by Nishit Jogi in Bengaluru; Editing by Rashmi Aich)

https://www.oann.com/battery-maker-factorial-energy-enters-investment-deal-with-daimler-stellantis/?utm_source=rss&utm_medium=rss&utm_campaign=battery-maker-factorial-energy-enters-investment-deal-with-daimler-stellantis Battery maker Factorial Energy enters investment agreement with Daimler, Stellantis

Caroline Bleakley

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