Stellantis NV (NYSE: STLA) announced this morning the joint development agreement made with battery maker Factorial Energy. The agreement aims to jointly develop the latter’s high-voltage traction solid-state battery technology.
“Our investment in Factorial and other highly recognized battery partners boosts the speed and agility needed to provide cutting-edge technology for our electric vehicle portfolio,” said Stellantis CEO Carlos Tavares.
While no specifics and financial details have been shared related to the agreement, the automaker disclosed that it entails a strategic investment into the battery company.
The battery technology involves the proprietary Factorial Electrolyte System Technology, leveraging on solid electrolyte material. The company claims it is “safer than conventional lithium-ion technology, extends driving range, and is drop-in compatible for easy integration into existing lithium-ion battery manufacturing infrastructure.”
The agreement comes a month after the Massachusetts-based battery maker signed a similar agreement with Hyundai Motor Company with the goal of integrating the battery technology in Hyundai electric vehicles.
Stellantis last traded at US$17.53 on the NYSE.
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