Stellantis holds 9.5% stake in solid state battery startup Factorial, filing shows

Factorial Energy Inc. Class A

Factorial Energy Inc. Class A

FAC

0.00

MILAN, June 19 (Reuters) - Automaker Stellantis STLA.MI holds a 9.5% stake in U.S. solid-state battery startup Factorial Energy FAC.O and might buy further shares in the future, a SEC filing showed.

Solid-state batteries for electric vehicles are expected to be lighter, with better energy density than, traditional lithium-ion batteries, and ensuring faster charging times. However manufacturers have so far struggled to produce them at scale.

  • Stellantis' overall stake in Factorial is valued around $126 million at current stock prices.

  • Stellantis sees Factorial as an "attractive investment opportunity", the filing showed.

  • The Franco Italian automaker first invested in Factorial in 2021, with a €75 million ($86 million) deal.

  • Stellantis said earlier this month it had integrated Factorial's 'FEST' solid-state battery cells into a development vehicle and launched a road-testing program to verify performance, safety and reliability.

  • According to the filing, Stellantis' Financial Services CEO Jon Nelson has been elected to Factorial's board.

($1 = 0.8728 euros)


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.