Posco Future M has invested in US-based battery cell maker Factorial as part of its efforts to gain an edge in the all-solid-state battery market, the company said Tuesday.
The Korean battery materials maker signed an investment agreement with Factorial on Jan. 7 and completed the final payment on Monday. The two companies had previously signed a cooperation agreement in November to jointly develop all-solid-state batteries.
Posco Future M said the investment will position the company to capture rapid market growth, while Factorial will secure a stable supply of high-quality battery materials.
“The company has secured material design and coating technologies for all-solid-state batteries and is expanding its battery materials portfolio at the group level,” said Hong Young-jun, executive vice president of Posco Future M.
“Through the partnership, it aims to build unrivaled competitiveness in the fast-growing all-solid-state battery market,” he added.
The company said all-solid-state batteries offer improved safety, higher energy density and faster charging compared with traditional lithium-ion batteries, and are gaining attention as a key component for future mobility, including electric vehicles and robotics.
Headquartered in Massachusetts, Factorial operates a pilot all-solid-state battery plant in Cheonan, South Chungcheong Province, and is pursuing a market debut in the United States. The US company has developed a 40-ampere-hour all-solid-state battery cell, Solstice. Posco Future M said it expects synergies from combining its materials technology with Factorial’s global network.
Separately, the Korean company said battery materials currently under development are intended for use not only in autonomous electric vehicles and urban air mobility, but also in physical artificial intelligence such as humanoid robots.
andreahaneu@heraldcorp.com
