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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
$242.2M
Headquarters
Woburn, Massachusetts
Founded
2013
Overview
Factorial Energy develops solid-state batteries, focusing on the automotive sector. Their main product, the Factorial Electrolyte System Technology (FEST®), offers a safer and more efficient alternative to traditional batteries, with higher energy density. This technology is designed for integration into electric vehicles (EVs) by major auto manufacturers and battery producers. Factorial Energy distinguishes itself through strong collaborations with these manufacturers and a commitment to customer needs, which enhances their market position. The company's goal is to lead the EV battery market by providing advanced battery solutions that support the growing demand for electric vehicles.
Simplify's Take
What believers are saying
- Growing interest from automotive giants indicates strong market demand for Factorial's technology.
- Partnership with LG Chem could enhance battery performance and reduce costs.
- Recent expansion in Methuen positions Factorial to scale up production effectively.
What critics are saying
- Intellectual property theft is a concern in the battery technology sector.
- Rapid technological advancements could render Factorial's FEST® system obsolete.
- High production scaling costs may strain Factorial's financial resources.
What makes Factorial Energy unique
- Factorial's FEST™ technology offers higher energy density than traditional batteries.
- The company collaborates with major OEMs like Mercedes-Benz and Stellantis.
- Factorial's new factory in Massachusetts is the largest solid-state battery facility in the US.
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Funding
Total Funding
$242.2M
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
↑ 5%1 year growth
↑ 4%2 year growth
↑ 25%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
(Factorial was awarded $680,000 in state tax credits in 2022, along with about $2 million in municipal tax relief, for the Methuen plant.)
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About Factorial Energy
Industries
Automotive & Transportation
Energy
Company Size
51-200
Company Stage
Series D
Total Funding
$242.2M
Headquarters
Woburn, Massachusetts
Founded
2013
Factorial Energy is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today