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Factorial Energy
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Develops solid-state batteries for electric vehicles
Factorial Energy
Work Here?
Develops solid-state batteries for electric vehicles
About Factorial Energy
Industries
Automotive & Transportation
Energy
Company Size
51-200
Company Stage
Series D
Total Funding
$249M
Headquarters
Woburn, Massachusetts
Founded
2013
Overview
Factorial Energy develops solid-state batteries, focusing on the automotive industry. Their main product, the Factorial Electrolyte System Technology (FEST®), offers a safer, more efficient battery with higher energy density compared to traditional batteries. This technology is sold to major auto manufacturers and battery producers, who integrate it into electric vehicles (EVs). Factorial Energy distinguishes itself through strong partnerships with leading OEMs and battery manufacturers, ensuring a collaborative approach to production and supply chain management. The company's goal is to enhance the performance and manufacturability of EV batteries, aiming for large-scale production to meet the growing demand in the electric vehicle market.
Simplify's Take
What believers are saying
- Partnership with LG Chem accelerates development of solid-state battery materials.
- New Methuen facility enables large-scale production to meet growing demand.
- $200 million funding from Mercedes boosts R&D and production capabilities.
What critics are saying
- Competition from QuantumScape may impact Factorial's market share.
- High production costs could strain financial resources.
- Dependency on OEM partnerships may risk commercialization success.
What makes Factorial Energy unique
- Factorial Energy's FESTâ„¢ technology offers higher energy density than traditional batteries.
- The company focuses on solid-state batteries, a safer alternative for electric vehicles.
- Factorial collaborates with major OEMs, enhancing its market presence and credibility.
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Funding
Total Funding
$249M
Above
Industry Average
Funded Over
2 Rounds
Industry standards
Benefits
Health Insurance
Dental Insurance
Vision Insurance
Unlimited Paid Time Off
401(k) Company Match
401(k) Retirement Plan
Education Assistance Plan
Short-term Disability Insurance
Long-term Disability Insurance
Growth & Insights and Company News
6 month growth
↑ 0%1 year growth
↑ 3%2 year growth
↑ 22%Mercedes first announced its partnership with Factorial on solid-state battery technology in 2021.
The initiative builds on Stellantis' $75 million investment in Factorial in 2021.
Mercedes also led a $200 million funding round in 2022 and today Factorial announced a new solid-state battery named Solstice.
Mercedes Benz and Factorial are working on solid state battery which will drastically increase the EV range, and be production ready by the decade end, the firms said, as reported by Reuters.
Factorial Inc. (Factorial), an industry leader in the development of solid-state battery technology for electric vehicle (EV) applications, and LG Chem, a global leader in battery materials, today announced the signing of a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials. (Graphic: Business Wire)Factorial Inc. (Factorial), an industry leader in the development of solid-state battery technology for electric vehicle (EV) applications, and LG Chem, a global leader in battery materials, today announced the signing of a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials. (Graphic: Business Wire)WOBURN, Mass.--(BUSINESS WIRE)--Factorial Inc. (Factorial), an industry leader in the development of solid-state battery technology for electric vehicle (EV) applications, and LG Chem, a global leader in battery materials, today announced the signing of a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials.The agreement aims to strengthen cooperation in the field of next-generation battery materials and secure future competitive advantage by combining LG Chem's battery material capabilities and Factorial's next-generation battery material and process innovations
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About Factorial Energy
Industries
Automotive & Transportation
Energy
Company Size
51-200
Company Stage
Series D
Total Funding
$249M
Headquarters
Woburn, Massachusetts
Founded
2013
Factorial Energy is Hiring for 4 Jobs on Simplify!
Find jobs on Simplify and start your career today