Former Panasonic North America CEO Joe Taylor Named Executive Chairman; Global Auto Leaders Dieter Zetsche, Mark Fields, Harry Wilson Join Factorial Advisory Board
WOBURN, Mass. and LONDON, April 20, 2021 /PRNewswire/ -- Factorial Energy ("Factorial"), the breakthrough solid-state battery technology company, announced today its emergence from stealth mode to introduce the first 40 Amp-hour solid-state battery cell for electric vehicles (EVs) and other applications. Factorial also announced the appointment of senior industry leaders with deep technical and automotive experience to its leadership team.
Factorial Energy is naming Joe Taylor as Executive Chairman. Taylor, the former Chairman and CEO of Panasonic Corporation of North America, played a key role in the development of the Tesla-Panasonic relationship, which resulted in Panasonic investing in the Tesla Gigafactory in Reno, Nevada. In addition, the former Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz, Dieter Zetsche, is also joining the company's advisory board.
"For electric vehicles to capture more than just 4% of global car sales, buyers need to see dramatic price and performance improvements in the underlying battery systems. Factorial's solid-state battery technology offers the performance, safety, scalability, and commercial readiness needed to move the needle of EV adoption. We are thrilled to be the first to reach the 40 Amp-hour benchmark for a solid-state cell, and I look forward to sharing more of our team's successes in the months to come," said Factorial CEO Siyu Huang. "We also are excited to add new leadership to our company as we begin our next phase of growth as a player and partner in the EV ecosystem."
Factorial's total capital commitment to date exceeds $40 million, which will enable the company to scale commercial sampling over the next two years. The company's investor base includes former President and CEO of Ford Motor Company, Mark Fields; former Senior Advisor to the Obama Administration's Presidential Task Force on the Auto Industry, Harry Wilson; and investment firms Gatemore Capital Management and Wave Equity Partners. Fields and Wilson are also joining Factorial as members of the company's senior advisory board.
"Our batteries are unique because they achieve the broadest range of OEM performance requirements while offering superior energy density, safety, and scalability," said Taylor. "Our technology can be easily integrated into existing lithium-ion battery manufacturing infrastructure - which makes Factorial an immediately viable partner for every automaker pursuing EVs."
Factorial's breakthrough Factorial Electrolyte System Technology (FEST) is a proprietary solid electrolyte material that enables safe and reliable cell performance with high-voltage and high-energy density electrodes. FEST is safer than conventional lithium-ion technology, replacing the combustible liquid electrolyte with a safer, more stable solid-state electrolyte that suppresses lithium dendrite formation on lithium-metal anodes. Battery platforms based on FEST yield 20-50% improvements in driving range without sacrificing pack longevity, and surpass prevailing EV battery performance standards, including those for energy density, cycle life, and safety.
Several major global automotive partners are currently validating Factorial's technology with the intent of integrating FEST into their existing supply chains.
About Factorial Energy
Headquartered in Woburn, Massachusetts, Factorial Energy ("Factorial") has pioneered a new solid-state electrolyte material battery technology, FEST (Factorial Electrolyte System Technology). Factorial will bring a more powerful battery product with longer range and higher degree of safety to the global electric vehicle (EV) market.
For more information, please visit www.factorialenergy.com.
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