The round was led by Mercedes-Benz (DAI) and Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA). Funding will be used to accelerate commercial production and deployment of Factorial's solid-state battery technology that is safer and offers up to 50 percent greater driving range than current lithium-ion technology.

Factorial Energy has developed breakthrough solid-state batteries that offer up to 50 percent longer range per charge, increased safety, and cost competitive with conventional lithium-ion batteries. The company's proprietary FEST™ (Factorial Electrolyte System Technology) leverages a solid electrolyte material, which enables safe and reliable cell performance with high-capacity cathode and anode materials. FEST™'s electrolyte has been successfully scaled in 40Ah cells, works at room temperature, and can utilize the majority of existing lithium-ion battery manufacturing equipment.