WOBURN, Mass., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Factorial Energy (Factorial), Hyundai Motor Company and Kia Corporation (collectively “Hyundai”) are partnering to test Factorial’s novel solid-state battery technology and its integration in Hyundai electric vehicles. Under the Joint Development Agreement, which includes a strategic investment, the companies will integrate Factorial technology at the cell, module, and system levels, perform vehicle-level integration, and co-develop specifications for manufacturing Factorial’s batteries. The announcement is Factorial’s first major strategic investment from a major automotive Original Equipment Manufacturer (OEM) group and deepens its existing research relationship with Hyundai.
Factorial has developed breakthrough solid-state technology that addresses key issues holding back widescale consumer adoption of electric vehicles: driving range, and safety.
Factorial’s advances are based on FEST™ (Factorial Electrolyte System Technology), which leverages a proprietary solid electrolyte material that enables safe and reliable cell performance with high-voltage and high-capacity electrodes and has been scaled in 40Ah cells that perform at room temperature. FEST™ is safer than conventional lithium-ion technology, extends driving range by 20 to 50 percent, and is drop-in compatible for easy integration into existing lithium-ion battery manufacturing infrastructure.
“Our partnership with Hyundai is yet another validation of our solid-state battery technology, and we look forward to demonstrating its market readiness in Hyundai vehicles,” said Factorial Energy CEO Siyu Huang, Ph.D. “We can help unlock mass adoption of electric vehicles -- and the resulting environmental benefits -- through our safe and long-range batteries.”
“The Hyundai CRADLE team has been impressed with Factorial’s management team, technology, and novel manufacturing approach, which could make the transition to solid state seamless and cost-effective,” said Henry Chung, SVP and Head of CRADLE Silicon Valley. “We look forward to collaborating with our new portfolio company to further advance their technology.”
Factorial’s world-class leadership team includes former Chairman and CEO of Panasonic Corporation of North America Joe Taylor as executive chairman. In addition, Dieter Zetsche, former Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz; Mark Fields, former Ford Motor Company CEO; and Harry Wilson, former senior advisor to the Obama Administration’s Presidential Task Force on the Auto Industry, are members of Factorial’s advisory board.
About Factorial Energy
Based in Woburn, Massachusetts, Factorial Energy has developed breakthrough solid-state batteries that offer 20 to 50 percent longer range per charge, increased safety, and cost parity with conventional lithium-ion batteries. The company’s proprietary FEST™ (Factorial Electrolyte System Technology) leverages a solid electrolyte material, which enables safe and reliable cell performance with high-voltage and high-capacity electrodes. FEST™’s electrolyte has been successfully scaled in 40Ah cells, works at room temperature, and can utilize the majority of existing lithium-ion battery manufacturing
equipment. The company is integrating its technology with several auto manufacturers. More
information can be found at www.factorialenergy.com.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all. More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f01b7847-d477-41da-9965-e2287c489ceb
