Mercedes-Benz is joining forces with Factorial Energy to develop a new battery technology that starts with the cell and extends to develop entire modules integrating into the vehicle battery.
"By accelerating our Mercedes-Benz strategy towards 'electric-only', we have set the course for a fully electric future," said Markus Schäfer, member of the board of management of Daimler AG and Mercedes-Benz AG; responsible for Daimler Group Research and Mercedes-Benz Cars COO. "We will also play a leading role in the field of battery technology.
Schäfer characterized the investment in Factorial in the “high double-digit million-dollar amount.”
Mercedes-Benz aims to integrate the technology into select vehicles within the next five years. With its investment, Mercedes-Benz obtains the right to delegate a representative to Factorial’s Board of Directors.
"For Factorial Energy, it is a privilege to collaborate with Mercedes-Benz, which basically invented the automobile," added Siyu Huang, co-founder and CEO of Factorial. "We look forward to working with them to further innovate the automobile with our clean, efficient and safe solid-state battery technology."
Originally posted on Automotive Fleet