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Battery maker Factorial Power enters take care of Daimler, Stellantis

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U.S. based mostly Factorial Power mentioned on Tuesday it had entered into agreements with Daimler AG owned Mercedes-Benz and Stellantis NV, in a bid to commercialize its battery expertise.

Below the partnerships, each Daimler and Stellantis will make a strategic funding within the solid-state battery maker, Factorial Power mentioned in a press release, with out offering any monetary particulars.

As transition in direction of greener mobility will get extra traction, demand for EVs is anticipated to surge, extra so after Daimler and 5 different automobile producers dedicated to a pledge earlier this month to part out fossil-fuel autos by 2040.

These partnerships comply with the Stellantis take care of lithium developer Vulcan Power Assets and Daimler’s funding in electrical automobile charging enterprise Ionity’s newest funding spherical.

“With our new companions we will develop batteries that not solely allow safer and longer driving vary autos, however which might be additionally appropriate with typical lithium-ion battery manufacturing environments,” Factorial Power Chief Government Officer Siyu Huang mentioned.

Hyundai Motor Co and Kia Corp have additionally signed a joint partnership with Factorial Power, which Forbes reported.

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