Factorial and LG Chem Sign MOU to Develop Solid-State Batteries.
Factorial Inc. (Factorial), an industry leader in the development of solid-state battery technology for electric vehicle (EV) applications, and LG Chem, a global leader in battery materials, today announced the signing of a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials.
The agreement aims to strengthen cooperation in the field of next-generation battery materials and secure future competitive advantage by combining LG Chem’s battery material capabilities and Factorial’s next-generation battery material and process innovations. Upon successful completion of the project, the two companies agreed to further discuss technology licensing and material supply to maintain a strategic partnership for market leadership.
Jong-ku Lee, CTO of LG Chem, said:
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Through this collaboration, we will become technology leaders in the field of next-generation batteries.
“We expect to secure solid-state materials through Factorial’s accumulated experience in next-generation batteries and LG Chem’s superior material technology.”
In addition to its core business of cathode materials, LG Chem produces a variety of battery materials such as separators, conducting agent and binder, and is actively conducting R&D and external collaborations to strengthen its R&D capabilities for new materials in response to changes in next-generation battery technology.
Siyu Huang, CEO of Factorial, said:
We are thrilled to enter into this collaboration with LG Chem, one of the pre-eminent global leaders in battery materials.
“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.”
Factorial’s proprietary FEST® (Factorial Electrolyte System Technology) solid-state batteries are revolutionizing the battery industry, with the potential to radically reduce EV weight, extend driving range, reduce charging time and improve safety.
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Factorial and LG Chem Sign MOU to Develop Solid-State Batteries. source
