Factorial Energy Raises $200 Million From Mercedes & Stellantis

Factorial Energy has raised over $200 million as a part of a Series D round of funding from European automotive majors Mercedes and Stellantis. It had already announced the two as its partners in the last month. Factorial energy has been working on solid-state battery technology - it has developed a 40 Ah version of a solid-state battery in 2021, claiming it is the first of its kind.

It plans on building a pilot production facility in the New England area. Construction for the same is expected to start in the next couple of months. It believes once this facility is ready, it will be able to scale large format cell output and produce batteries for customer testing.

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"We continue to move aggressively towards our goal of delivering automotive-scale, solid-state battery technology to our customers. This funding will enable us to not only advance core research and development but also scale our team and invest in manufacturing facilities to drive commercial production," said Factorial Energy CEO, Siyu Huang.

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"Since we successfully developed the first 40 Amp-hour solid-state battery in 2021 it has been tested extensively. We look forward to getting batteries in the hands of our customers for strenuous testing and validation at the next level," he added.

Factorial energy is promising higher energy density to conventional lithium-ion batteries which could convert to anything between a 25 to 50 percent increase in driving range. Of course, Factorial Energy is joined with QuantumScape as one of the leaders in the development of solid-state batteries.