Battery maker Factorial Energy enters investment deal with Daimler, Stellantis

Daimler supervisory board signs off 60 billion euro investment plan for Mercedes-Benz
Daimler supervisory board signs off 60 billion euro investment plan for Mercedes-Benz   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p> – U.S. based Factorial Energy said on Tuesday it had entered into agreements with Daimler AG owned Mercedes-Benz and Stellantis NV, in a bid to commercialize its battery technology.</p> <p>Under the partnerships, both Daimler and Stellantis will make a strategic investment in the solid-state battery maker, Factorial Energy said in a statement, without providing any financial details.</p> <p>As transition towards greener mobility gets more traction, demand for electronic vehicles is expected to surge, more so after Daimler and five other car manufacturers committed to a pledge earlier this month to phase out fossil-fuel vehicles by 2040. </p> <p>These partnerships follow Stellantis’s deal with lithium developer Vulcan Energy Resources and Daimler’s investment in electric vehicle charging venture Ionity’s latest funding round. </p> <p>“With our new partners we can develop batteries that not only enable safer and longer driving range vehicles, but that are also compatible with conventional lithium-ion battery manufacturing environments,” Factorial Energy Chief Executive Officer Siyu Huang said.</p> <p>Hyundai Motor Co and Kia Corp have also signed a joint partnership with Factorial Energy which Forbes reported https://www.forbes.com/sites/greggardner/2021/10/28/hyundai-kia-partner-with-factorial-energy-on-solid-state-battery-tech/?sh=4290c350b8d4 on earlier. </p> <p/> </div>