Begin-up Factorial Power has raised $200 million to assist fund additional growth and commercialization of its superior solid-state battery for EVs.

Automakers Stellantis NV and Daimler AG’s Mercedes-Benz led the spherical for three-year-old Factorial, based mostly exterior Boston in Woburn, Massachusetts.

Factorial is one among a number of U.S. battery start-ups trying to commercialize solid-state expertise, which guarantees to scale back the chance of battery fires and prolong driving vary.

Potential rivals embrace QuantumScape, a 12-year-old Silicon Valley start-up that went public in 2020, and 10-year-old Strong Energy, based mostly in Louisville, Colorado, which went public in December.

QuantumScape has been funded by Volkswagen AG, whereas Strong Energy has backing from BMW, Ford Motor and Hyundai Motor.

Different corporations, notably Toyota Motor, are creating solid-state batteries in home.

Most of these batteries use a solid-state electrolyte rather than liquid options which might be doubtlessly extra flammable.

Stellantis Chief Government Carlos Tavares final 12 months mentioned the corporate goals to start putting in solid-state batteries in its electrical autos by 2026.

Factorial mentioned it has growth partnerships with Mercedes, Stellantis, Hyundai and Kia Motors.