Why Daimler, Stellantis are investing in a battery maker

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U.S. based Factorial Energy said on Tuesday it had entered into agreements with Daimler AG owned Mercedes-Benz and Stellantis NV, in a bid to commercialize its battery technology.

Under the partnerships, both Daimler and Stellantis will make a strategic investment in the solid-state battery maker, Factorial Energy said in a statement, without providing any financial details.

As transition towards greener mobility gets more traction, demand for EVs is expected to surge, more so after Daimler and five other car manufacturers committed to a pledge earlier this month to phase out fossil-fuel vehicles by 2040.

These partnerships follow the Stellantis deal with lithium developer Vulcan Energy Resources and Daimler’s investment in electric vehicle charging venture Ionity’s latest funding round.

“With our new partners we can develop batteries that not only enable safer and longer driving range vehicles, but that are also compatible with conventional lithium-ion battery manufacturing environments,” Factorial Energy Chief Executive Officer Siyu Huang said.

Hyundai Motor Co and Kia Corp have also signed a joint partnership with Factorial Energy, which Forbes reported.

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