Factorial Inc. and LG Chem announced the signing of a memorandum of understanding (MOU) to accelerate the development of solid-state battery materials. The agreement aims to strengthen cooperation in the field of next-generation battery materials and secure future competitive advantage by combining LG Chem's battery material capabilities and Factorial's next-generation battery material and process innovations. Upon successful completion of the project, the two companies agreed to further discuss technology licensing and material supply to maintain a strategic partnership for market leadership.

In addition to its core business of cathode materials, LG Chem produces a variety of battery materials such as separateators, conducting agent and binder, and is actively conducting R&D and external collaborations to strengthen its R&D capabilities for new materials in response to changes in next-generation battery technology. Factorial's proprietary FEST®? (Factorial Electrolyte System Technology) solid-state batteries are revolutionizing the battery industry, with the potential to radically reduce EV weight, extend driving range, reduce charging time and improve safety.