By Kim Richters
Auto makers Stellantis NV and Daimler AG's Mercedes-Benz are investing in Factorial Energy to advance solid-state battery technology for electric vehicles, the companies said separately on Tuesday.
While Stellantis didn't disclose the size of its strategic investment in the U.S.-based battery maker, Mercedes-Benz said its investment is a high double-digit million dollar amount.
"Solid-state batteries are currently one of the most promising technologies in the field of electric mobility. The decisive difference is the use of an electrolyte made of solid material instead of the commonly used liquid electrolyte," said Mercedes-Benz.
The premium-car maker plans to use the technology, which it said should increase driving range and shorten charging time, in a limited number of vehicles in the next five years.
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(END) Dow Jones Newswires