Factorial Energy Battery Maker sign agreement with Daimler, Stellantis

Factorial Energy based in the United States, announced on Tuesday that it has reached agreements with Daimler AG’s Mercedes-Benz and Stellantis NV to commercialize its battery technology.

Daimler and Stellantis will each make a strategic investment in the solid-state battery company as part of the agreements, Factorial Energy said in a statement, without disclosing financial details.

These collaborations come on the heels of Stellantis’ agreement with lithium company Vulcan Energy Resources and Daimler’s investment in electric vehicle charging startup Ionity’s latest round of funding.

Read more: Japanese Auto Maker Nissan to Invest s £400m in UK car plant

Factorial Energy Chief Executive Officer Siyu Huang said that “With our new partners we can develop batteries that not only enable safer and longer driving range vehicles, but that is also compatible with conventional lithium-ion battery manufacturing environments,”

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