Posco Future M, the battery materials subsidiary of South Korea’s steel and chemicals firm Posco Group, announced it has made a strategic investment in Factorial Inc, a US-based developer of materials for all-solid-state batteries (ASSBs), as it looks to establish an early presence in the supply chain for next-generation electric vehicle (EV) batteries.
Posco confirmed that it has completed the investment in Massachusetts-based Factorial, after it signed a memorandum of understanding (MoU) with the company last November to jointly develop ASSB technologies, further strengthening their partnership. Factorial is preparing to launch an initial public offering (IPO) on the US stock market later this year.
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Posco said in a statement: “Through this investment, Posco Future M is preparing for the explosive growth of the ASSB market, while Factorial will secure a stable supply of high-quality ASSB materials and strengthen its battery manufacturing competitiveness.”
The head of Posco Future M’s Technology Research Laboratory, Hong Young-Jun, confirmed that the two companies “have developed materials technologies through a close and continuous partnership. This further developed partnership will enable us to secure unrivaled competitiveness in the rapidly growing ASSB market.”
Factorial currently operates a pilot plant for ASSB materials in Cheonan, in South Korea’s South Chungcheong province, and is actively expanding its business in the country. The company has developed an ASSB “platform”, called Solstice, based on solid electrolytes instead of the liquid electrolytes used in current lithium-ion batteries, offering superior energy density and safety. Posco confirmed it has been conducting sample testing of its ASSB cathode materials with Factorial, with encouraging results.
