WOBURN, Mass.--(BUSINESS WIRE)--Factorial Energy (Factorial), an industry leader in the development of solid-state battery technology for electric vehicle (EV) applications, today announced it will establish a new advanced manufacturing facility in the Boston suburb of Methuen, Mass. The new facility will produce Factorial’s innovative new solid-state battery cell technology for EVs. A groundbreaking ceremony will be held at the site in Methuen at 3:00 pm EDT today.
The new production site at 501 Griffin Brook Drive in Methuen was recently secured by Factorial with the support of the Massachusetts Office of Business Development and the City of Methuen’s Economic and Community Development Department. The existing 67,000 square-foot building on the site will undergo extensive buildout to house Factorial’s pilot production facility, which will manufacture automotive-sized solid-state batteries at pre-production speed and volume. Factorial will invest $45 million in the facility, which is expected to begin operations in early 2023 and will bring 166 new jobs to the Methuen community.
Based in Woburn, Mass., Factorial is developing the next generation of electric mobility technology. The company is currently working with automakers Hyundai Motor Company, Mercedes-Benz and Stellantis to develop safer and higher performance solid-state EV battery cells for future passenger and commercial vehicles.
“The collaboration between Factorial, the City of Methuen and the Commonwealth of Massachusetts has been extremely helpful and productive,” said Siyu Huang, CEO of Factorial. “Our relationship is a true partnership between our company and our community. We plan to continue building solid-state EV battery research and development facilities in New England and establish the region as a hub for electric mobility technology.”
“Factorial Energy is an excellent example of an innovative company choosing to build its business and provide high-skilled jobs here in Methuen,” said Mayor Neil Perry, City of Methuen. “We are excited to help Factorial start its new operations in Methuen, and we’re honored to support the growth of this future-focused company. This is an excellent example of local and state government working hand in hand with private enterprise to craft a solution beneficial to all.”
"We are thrilled to see Factorial Energy expanding operations in its home state," said Housing and Economic Development Secretary Mike Kennealy. "Massachusetts remains a leader in innovation, and as the electric mobility industry grows, this new advanced manufacturing facility in the Gateway City of Methuen will play an important role delivering the solid-state batteries that will power our transition to clean energy while creating jobs here in the Commonwealth."
About Factorial Energy
Based in Woburn, Mass., Factorial Energy is developing breakthrough solid-state batteries that offer longer range per charge and increased safety and aim to be cost competitive with conventional lithium-ion batteries. The company’s proprietary FEST™ (Factorial Electrolyte System Technology) leverages a solid electrolyte material, which has the potential to enable safe and reliable cell performance with high-capacity cathode and anode materials. FEST™ has been successfully scaled in 40Ah cells, works at room temperature, and is highly compatible with existing lithium-ion battery manufacturing equipment. The company has entered into joint development agreements with Mercedes-Benz, Stellantis, and Hyundai Motor Company. More information can be found at www.factorialenergy.com.