Factorial celebrates new Methuen location
Aug. 30—METHUEN — Nearly four months after the City Council approved a Tax Increment Financing Plan for Factorial Energy, the company celebrated the groundbreaking of its new facility at 501 Griffin Brook Drive.
Based in Woburn, Factorial produces solid-state batteries for electric vehicles. Its clients include the Hyundai Motor Company, Mercedes-Benz, Stellantis and the Kia Corporation.
According to environmental advocacy group Transport & Environment, solid-state batteries could reduce the carbon footprint of electric cars by up to 39%.
During the Aug. 25 ceremony, Mayor Neil Perry also highlighted the city's new environmentally-friendly trash and recycling program, which will launch Oct. 3.
"We're all about that," he said of protecting the environment. "We welcome you with open arms to the city of Methuen. This is a great place to do business. We want you to stay here."
Factorial plans to invest $45 million to renovate the 67,000 square-foot building, which has stood in darkness for more than a year. By making this investment, the property's value is projected to double from its current assessment of $5.4 million. The facility is expected to be operational by early 2023.
The company chose Methuen over four other options in Massachusetts and one in New Hampshire. Factorial is also planning to hire 166 employees for its new location, giving preference to Methuen residents.
"This will be a next-generation facility," said Factorial co-founder Siyu Huang. "This is an incredible growth for the company."
Huang said that since it was established in 2020, Factorial remains one of the few companies in the nation specializing in solid-state batteries.
"The mission of Factorial is saving the planet," said co-founder Alex Yu, adding that this continues to be a daunting task. "If it was easy, we would've already saved the planet."
Wesley Sine, a management professor at Cornell University, made the trip to Methuen to congratulate his former students, Huang and Yu.
"Siyu even took one of my classes twice," he said. "Not because she was a poor student, she knew what she needed to learn."
Sine also said Huang and Yu have always maintained their humility, adding that they know the true value of teamwork.
"It's the coalition that helps you win," he said.
Joseph Taylor, chairman of Factorial's Board of Directors, echoed Sine's comments.
"It's all about the people from my viewpoint," he said. "We're doing wonderful things for the right reasons."
Liad Meidar, who also serves on the board, said he was immediately impressed when he met Huang and Yu three years ago.
"It was their authentic passion for the mission to save the planet," he said. "The technology is what sold us on the company."
