The automaker Stellantis – owner, among others, of the Fiat, Chrysler, Peugeot, and Jeep brands – has converted its investments in the US battery company Factorial Energy into shares, now owning a 9.5 percent stake. Additionally, Jon Nelson, former head of Stellantis Financial Services, has been appointed to the company’s board of directors.
ON-ROAD TESTS WITH FACTORIAL BATTERIES
Just a week ago, Stellantis announced the start of on-road testing of an experimental Dodge Charger Daytona model equipped with Factorial’s solid-state batteries. These are special batteries, different from the lithium-ion ones installed on most electric vehicles: simply put, solid-state batteries do not contain a liquid electrolyte but a solid one, therefore non-flammable; this configuration also allows the battery to concentrate more energy in less space and to speed up the flow of electric current inside, reducing charging times.
The main problem with solid-state batteries lies in manufacturing, which is expensive and complicated: for example, it is difficult to ensure constant contact between the solid electrolyte and the two electrodes (the battery poles, one positive and the other negative).
The testing program between Stellantis and Factorial – according to the press release – “will help to further develop and verify the performance and reliability of the battery pack under charging and driving conditions, as well as vehicle safety.” The integration of Factorial battery cells into the experimental vehicle’s battery pack required the design of a new mechanical architecture, patented by Stellantis.
PERFORMANCE OF FACTORIAL BATTERIES
Factorial has developed its own solid electrolyte technology called Fest, from Factorial Electrolyte System Technology. Last year, together with Stellantis, the company validated Fest technology cells with an energy density of 375 watt-hours per kilogram (higher than Tesla’s lithium batteries: 300 Wh/kg), ultra-fast charging capability (from 15 percent charge to 90 percent in eighteen minutes), and reliable performance within a temperature range from -30 degrees Celsius to 45 °C.
ALL ABOUT FACTORIAL: WHO FOUNDED IT AND WHO SUPPORTS IT
Factorial is headquartered in Woburn, Massachusetts, but also has offices in Germany, South Korea, and Japan. However, research, development, and manufacturing activities take place in the United States.
The company was founded in 2020 by Siyu Huang, Alex Yu, and Héctor Abruña. Huang is the CEO, Yu currently serves as CTO, while Abruña is an advisor. The three met at Cornell University in New York, where Abruña teaches Chemistry: Huang earned her PhD there in 2012, and Yu in 2014.
Factorial is supported by In-Q-Tel, an American venture capital firm that is non-profit but aimed at protecting U.S. national security through support of private innovation. Although independent, In-Q-Tel maintains close ties with the CIA, the civilian intelligence agency of the U.S. government.
Besides the partnership with Stellantis, dating back to 2021 with a $75 million investment, Factorial has also received capital from other automakers such as Mercedes-Benz (which owns an 8.1 percent stake) and Hyundai. Beyond the automotive sector, the company states it aims to focus on defense, robotics, and data center markets.
NASDAQ LISTING
On June 8, Factorial went public on the U.S. Nasdaq stock exchange with a valuation of $1.3 billion. The operation secured gross proceeds of over $100 million, which will be used to support the commercialization of its batteries.
Factorial will publish its second quarter 2026 results on August 13.
MAIN COMPETITORS
Factorial’s main competitors in the commercialization of solid-state batteries are QuantumScape (funded by Volkswagen) and Solid Power (supported by BMW), both American companies.
