LG Chem & Factorial Announce Plans to Develop Solid-State Batteries

LG Chem and Factorial Inc, a leader in the development of solid-state battery technology for electric vehicle (EV) applications, have siged a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials.

Factorial’s proprietary FEST (Factorial Electrolyte System Technology) solid-state batteries offer the potential to reduce EV weight, extend driving range, reduce charging time and improve safety.

The agreement aims to strengthen cooperation in the field of next-generation battery materials by combining LG Chem's battery material capabilities and Factorial's next-generation battery material and process innovations.

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, says: “Through this collaboration, we will become technology leaders in the field of next-generation batteries. We expect to secure solid-state materials through Factorial's accumulated experience in next-generation batteries and LG Chem's superior material technology.”

“We are thrilled to enter into this collaboration with LG Chem, one of the pre-eminent global leaders in battery materials,” adds 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 has entered into joint development agreements with Mercedes-Benz, Stellantis, and Hyundai Motor Company.