Factorial Energy to build solid-state battery development and production site
Factorial Energy, the US developer of solid-state battery cells for electric cars backed by Mercedes-Benz, Stellantis and Hyundai-Kia, has begun construction of a new development and production facility.
The new facility is being built in Methuen, a suburb of Boston in Massachusetts. This was made possible through the support of the Massachusetts Office of Business Development and the Economic and Community Development Department of the City of Methuen.
Factorial says it will invest a total of $45 million to expand the approximately 6,225-square-foot building to establish a pilot production facility for its solid-state batteries. The facility is expected to be operational by early 2023 and create 166 new jobs.
Earlier this year, the US developer closed a US$200 million (176 million euros) financing round led by Stellantis and Mercedes-Benz. The carmakers announced their financial stakes in Factorial Energy in December 2021 and agreed on development collaborations with Factorial Energy.
The company says that the funding will be used to accelerate commercial production and deployment of Factorial’s solid-state battery technology. “We continue to move aggressively towards our goal of delivering automotive-scale solid-state battery technology to our customers,” said Siyu Huang, CEO of Factorial Energy. “This funding will allow us to not only advance core research and development but also grow our team and invest in manufacturing equipment to advance commercial production.”
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