Factorial Energy, a solid-state battery technology company based in Massachusetts, has signed a memorandum of understanding (MOU) with LG Chem to accelerate the development of solid-state battery materials.
The agreement aims to strengthen cooperation in the field of next-generation battery materials by combining LG Chemās battery material capabilities with Factorialās innovations in battery materials and processes. Upon successful completion of the project, the two companies have agreed to further discuss technology licensing and material supply to maintain a strategic partnership for market leadership.
Jong-ku Lee, CTO of LG Chem, stated, “Through this collaboration, we aim to become technology leaders in the field of next-generation batteries. We expect to benefit from Factorialās experience in next-generation batteries and LG Chemās expertise in material technology.”
LG Chem, known for its core business of cathode materials, produces various battery materials such as separators, conducting agents, and binders. The company is actively engaged in research and external collaborations to enhance its capabilities for new materials in response to changes in next-generation battery technology.
Siyu Huang, CEO of Factorial, expressed excitement about the collaboration, saying, “We are pleased to collaborate with LG Chem, a global leader in battery materials. The electric vehicle industry is on the brink of a significant breakthrough in battery technology, and we believe that partnerships like this will help accelerate this transition. Together with LG Chem, we are advancing the development of solid-state battery technology that could have a transformative impact on electric vehicles.”
Factorialās solid-state batteries, based on their proprietary FEST (Factorial Electrolyte System Technology), have the potential to revolutionize the battery industry. These batteries could significantly reduce the weight of electric vehicles, extend driving range, reduce charging time, and improve safety.
