World News | Hyundai, Kia to Make Strategic Investments in US Battery Company to Develop Solid-state Battery Technology

Seoul [South Korea], November 1 (ANI/Global Economic): Hyundai Motor and Kia will jointly develop solid-state battery technology with US company 'Factorial Energy'.

Hyundai Motor and Kia announced on October 29 that they have signed a joint development agreement (JDA) with Factorial Energy, the US solid-state battery manufacture, and will make strategic investments.

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Hyundai Motor and Kia are planning to develop integrated technologies that cover not only the cells, modules, and systems of solid state batteries but also the mass production and installation processes.

Factorial Energy has 'FEST' technology, a solid-state battery technology that can increase the driving distance by 20-50 per cent while increasing the safety of electric vehicles compared to existing lithium-ion batteries. This is the first time that Factorial Energy has received strategic investment from major automakers.

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The investment amount by Hyundai Motor and Kia has not been disclosed. (ANI/Global Economic)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)