Privately-held EV battery maker Factorial Energy said Tuesday it received undisclosed investments from Mercedes-Benz and Stellantis NV , the global auto maker formed through the merger of Fiat Chrysler Automobiles NV and France’s PSA Group. Mercedes-Benz Cars chief operating officer Markus Schäfer said the auto maker invested a “high double-digit million dollar amount” in Factorial Energy, which makes solid-state batteries that offer 20% to 50% longer range per charge, increased safety, and cost parity with conventional lithium-ion batteries.
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