Factorial Inc., a developer of solid-state battery technology for electric vehicle (EV) applications, and LG Chem, a global provider of battery materials, announced the signing of a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials.
Learn more about Factorial’s FEST technology here.
The agreement aims to strengthen cooperation in the field of next-generation battery materials and secure future competitive advantage by combining LG Chem’s battery material capabilities and Factorial’s next-generation battery material and process innovations.
Upon successful completion of the project, the two companies agreed to further discuss technology licensing and material supply to maintain a strategic partnership for market leadership.
“Through this collaboration, we will become technology leaders in the field of next-generation batteries,” said Jong-ku Lee, CTO of LG Chem. “We expect to secure solid-state materials through Factorial’s accumulated experience in next-generation batteries and LG Chem’s superior material technology.”
In addition to its core business of cathode materials, LG Chem produces a variety of battery materials such as separators, conducting agent and binder, and is actively conducting R&D and external collaborations to strengthen its R&D capabilities for new materials in response to changes in next-generation battery technology.
“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,” said Siyu Huang, CEO of Factorial. “Together with LG Chem, we’re advancing the development of critical solid-state battery technology that will unlock the electric vehicle future.”
Factorial’s proprietary FEST (Factorial Electrolyte System Technology) solid-state batteries are revolutionizing the battery industry, with the potential to radically reduce EV weight, extend driving range, reduce charging time, and improve safety.
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Filed Under: Batteries, Technology News