Massachusetts-based solid-state battery technology company Factorial Energy and LG Chem 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. Upon successful completion of the project, the two companies agreed to further discuss technology licensing and material supply to maintain a strategic partnership for market leadership.
“Through this collaboration, we will become technology leaders in the field of next-generation batteries,” said Jong-ku Lee, CTO of LG Chem. “We expect to secure solid-state materials through Factorial’s accumulated experience in next-generation batteries and LG Chem’s superior material technology.”
In addition to its core business of cathode materials, LG Chem produces a variety of battery materials such as separators, conducting agent and binder, and is actively conducting R&D and external collaborations to strengthen its R&D capabilities for new materials in response to changes in next-generation battery technology.
“We are thrilled to enter into this collaboration with LG Chem, one of the pre-eminent global leaders in battery materials,” said Siyu Huang, CEO of Factorial. “The electric vehicle industry is at the cusp of a much-needed breakthrough in battery technology, and we believe that close supply chain partnerships will help accelerate this transition. Together with LG Chem, we’re advancing the development of critical solid-state battery technology that will unlock the electric vehicle future.”
Factorial’s proprietary FEST (Factorial Electrolyte System Technology) solid-state batteries are revolutionizing the battery industry, with the potential to radically reduce EV weight, extend driving range, reduce charging time and improve safety.
