Factorial Energy, a developer of solid-state battery cells for electric vehicles backed by Mercedes-Benz, Stellantis and Hyundai-Kia, has begun construction on a new development and manufacturing plant.
The new facility is being built in Methuen, a suburb of Boston, Massachusetts. This was made possible with the support of the Massachusetts Business Development Authority and the Department of Economic and Community Development of the City of Methuen.
The company is investing a total of US$45 million to expand a building of approximately 6,225 square meters to establish a pilot plant for its solid state batteries. The enterprise is expected to start operations in early 2023 and create 166 new jobs.
Earlier this year, the American developer closed a $200 million (€176 million) funding round led by Stellantis and Mercedes-Benz. The automakers announced their financial stakes in Factorial Energy in December 2021 and have agreed to a development partnership with Factorial Energy.
The funding will be used to accelerate "the commercial production and deployment of Factorial's solid-state battery technology", the company said in a statement.