US-based solid-state battery technology developer Factorial Energy has signed a memorandum of understanding with South Korean battery materials developer LG Chem to develop solid-state battery materials for EVs.
The agreement aims to combine LG Chem’s battery material capabilities with Factorial’s next-generation battery material and process innovations to accelerate the development of solid-state batteries. The two companies agreed that once the initial project is completed, they will discuss further technology licensing and material supply to maintain a strategic partnership.
In addition to its core business of cathode materials, LG Chem produces a variety of battery materials such as separators, conducting agents and binders and is expanding its R&D capabilities for new materials including solid-state electrolytes in response to changes in next-generation battery technology. The company has previously said that it aims to increase its annual battery material sales sixfold to $25.5 billion by 2030.
Factorial is developing its Factorial Electrolyte System Technology (FEST) for solid-state batteries to reduce EV weight, extend driving range, reduce charging time and improve safety. The company opened its battery manufacturing facility in the US in October 2023.
“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. Together with LG Chem, we’re advancing the development of critical solid-state battery technology that will unlock the electric vehicle future,” said Siyu Huang, CEO of Factorial.
Source: Factorial Energy
