MILAN, June 19 - Stellantis NV is a minority investor in Boston-based Factorial Energy, holding 9.5% of the solid-state battery company, according to a filing with the U.S. Securities and Exchange Commission. The filing also indicates Stellantis may increase its stake in the future.
At current market prices, the automaker's holding in Factorial is valued at roughly $126 million. Stellantis first invested in the startup in 2021 through a transaction worth 85 million euros - the filing states that initial commitment amounted to 875 million, equivalent to about $86 million under the conversion provided.
The SEC filing quotes Stellantis as describing Factorial as an "attractive investment opportunity." As part of its engagement with the battery developer, Stellantis has integrated Factorial's 'FEST' solid-state battery cells into a development vehicle and initiated a road-testing program designed to verify the cells' performance, safety and reliability in real-world conditions.
Solid-state batteries are expected to offer a number of technical advantages compared with conventional lithium-ion cells, the filing notes: they can be lighter, provide higher energy density and enable faster charging. However, the filing also acknowledges that manufacturers have so far encountered difficulties producing solid-state batteries at commercial scale.
Corporate governance ties between the companies are also documented in the filing. Stellantis' Financial Services chief executive, Jon Nelson, has been elected to Factorial's board, establishing a formal management link in addition to the financial investment.
Context provided in the filing points to a strategic relationship that combines capital, technical integration and oversight. Stellantis' road-testing program is explicitly aimed at assessing the FEST cells' operational characteristics before any broader deployment, with stated objectives around performance metrics and safety validation.
The filing includes an exchange rate reference of $1 = 0.8728 euros. No additional financial commitments or future timelines beyond the potential for further share purchases are specified in the filing.