South Korean battery material manufacturer POSCO Future M is investing in the start-up Factorial. The Massachusetts-based company specializes in solid-state batteries (SSB). Under the agreement, POSCO is currently testing cathode materials for SSB in collaboration with Factorial Energy. Through the new investment, POSCO prepares for an expected surge in the all-solid-state battery market. In turn, Factorial plans to use the investment to secure its material supply and production capacities.
Higher energy density and safety
In addition to its headquarters in Massachusetts, Factorial operates a pilot plant in Cheonan, South Korea. The company develops batteries with solid anodes and electrolytes under the name “Solstice.” According to Factorial, these batteries offer higher energy density and safety than conventional lithium-ion batteries. Factorial collaborates with car manufacturers in Asia, Europe, and North America and is preparing for an Initial Public Offering (IPO) in the United States.
