Factorial Inc., a leader in solid-state battery technology for electric vehicles, has teamed up with LG Chem, renowned for its comprehensive battery material expertise, to further the development of solid-state batteries through a newly signed memorandum of understanding (MOU). This partnership marks a significant step towards enhancing the safety, range, and performance of electric vehicles.
Key Highlights
- Partnership Goals: The collaboration focuses on combining LG Chem’s advanced battery material capabilities with Factorial’s innovative battery material processes. This strategic alliance aims to bolster their standings in the next-generation battery market.
- Strategic Benefits: The successful execution of the project will lead to discussions on technology licensing and material supply agreements, ensuring both parties maintain a competitive edge and leadership in the market.
- Expert Insights: “Through this collaboration, we will become technology leaders in the field of next-generation batteries,” stated Jong-ku Lee, CTO of LG Chem. Siyu Huang, CEO of Factorial, added, “We are thrilled to enter into this collaboration with LG Chem… Together, we’re advancing the development of critical solid-state battery technology.”
Enhancing Battery Technology and Market Leadership
The agreement facilitates an important synergy between LG Chem‘s existing R&D strengths in battery materials, including cathode materials, separators, and binders, and Factorial’s FEST® (Factorial Electrolyte System Technology). This collaboration not only aims to enhance the product offerings in the EV market but also to solidify the partners’ roles as technology leaders in the burgeoning sector.
About Factorial Inc.
Founded in the United States, Factorial is at the forefront of developing solid-state batteries that aim to be cost-competitive with traditional lithium-ion batteries while offering superior performance metrics such as longer range per charge and increased safety. Factorial’s FEST® technology, which uses a solid electrolyte, allows for safe and reliable cell performance at room temperatures and is compatible with existing battery manufacturing technologies. The company has also secured joint development agreements with major automotive manufacturers like Mercedes-Benz, Stellantis, and Hyundai Motor Company.
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