Stellantis owns 9.5% of U.S. battery company Factorial Energy and could increase that stake in the future, Reuters reported based on documents filed with the U.S. Securities and Exchange Commission. The carmaker values its holding at about $126 million and describes the investment as an attractive opportunity.
Factorial is developing solid-state batteries, which are seen as one of the most promising technologies for electric vehicles. Compared with current lithium-ion batteries, they are expected to deliver longer driving range, faster charging and improved safety, although automakers and battery makers still struggle to produce them at large commercial scale.
Stellantis, which was formed by the merger of Fiat Chrysler and France’s PSA, first invested in Factorial in 2021 in a deal worth 75 million euros, or $86 million. Earlier this month, Stellantis said it had integrated Factorial batteries into a test vehicle and begun road trials to evaluate performance, safety and reliability in real-world conditions.
The filings also show that John Nelson, chief executive of Stellantis’s financial services arm, has been appointed to Factorial’s board, further deepening the relationship between the two companies.
