Factorial Energy manufactures solid-state batteries that allow electric vehicles to drive 50 percent longer than conventional lithium-ion batteries, according to the company. The Woburn-based company launched from stealth last year and has raised $240 million, including a $200 million Series D in January.
Formed out of research at MIT, Worcester Polytechnic Institute and other nearby research institutions, these companies are developing technology that could power electric vehicles and smart grids of the future. Venture capital firms are betting big on Boston-area battery companies, too.
Venture capital firms are betting big on Boston-area battery companies, too. In fact, three local battery businesses raised funds in October and now plan to supercharge their operations.
October’s biggest battery-related funding round came on October 4, when Somerville-based Form Energy announced a $450 million Series E round. Formed out of MIT in 2017, Form Energy has developed an iron-air battery that can power grid infrastructure by converting rust to iron. The battery discharges by turning the iron back to rust.
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