Nov. 30 (Reuters) – US-based Factorial Energy said on Tuesday it had entered into agreements with Daimler AG (DAIGn.DE) owned by Mercedes-Benz and Stellantis NV (STLA.MI), with the aim of bringing its battery technology to market.

As part of the partnerships, Daimler and Stellantis will make a strategic investment in the solid-state battery maker, Factorial Energy said in a statement, without providing financial details.

As the transition to greener mobility gains ground, demand for electronic vehicles is expected to increase, especially as Daimler and five other automakers pledged to pledge earlier this month to phase out vehicles. fossil fuel by 2040. read more

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These partnerships follow Stellantis’ agreement with lithium developer Vulcan Energy Resources (VUL.AX) and Daimler’s investment in the latest round of funding for electric vehicle charging company Ionity. Read more

“With our new partners, we can develop batteries that not only enable safer and longer-range vehicles, but are also compatible with conventional lithium-ion battery manufacturing environments,” said Siyu Huang, CEO of Factorial Energy.

Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS) have also signed a partnership with Factorial Energy that Forbes reported on earlier.

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Report by Nishit Jogi in Bangalore; Editing by Rashmi Aich

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