Business

Mercedes Collaborates With Factorial For Solid-State Batteries

Published

1 year ago

September 10, 2024

Mercedes-Benz and U.S. battery startup Factorial are working on a solid-state battery that should dramatically increase electric vehicle range and be ready for production by the end of the decade, the companies said on Tuesday.

The new battery, dubbed Solstice, should extend EV range about 80% above today’s average, with an energy density of 450 Watt-hours per kilogram, the companies said in a statement.

Solid-state batteries have been billed as a game-changing technology for EVs, as they should reduce fire risk and allow for lighter, lower-cost cars than can travel further on a single charge.

But they have proven harder than expected for major automakers and battery making partners to develop at scale.

Auto groups are urgently seeking ways to cut costs and boost EV range as sales have stagnated in Europe in particular.

Factorial has already developed a quasi-solid-state battery that automakers including Mercedes are testing and should be in EVs on the road in 2026.

Mercedes has invested in Factorial, which raised $200 million in 2022, alongside rivals Stellantis and Hyundai.

“Factorial developed quasi-solid-state batteries first because they can use similar production lines to conventional lithium-ion batteries, meaning they can scale up faster”, CEO Siyu Huang said in a statement.

In a solid-state battery, the liquid electrolyte through which the electrical charge passes should be replaced with a solid substitute, reducing fire risk and shrinking battery pack size.

Huang said that solid-state batteries would not require expensive, heavy cooling systems needed for today’s battery packs, allowing automakers to further reduce costs.

“We’re not just focused on the cost of (battery) cell, but the cost of the overall vehicle,” she said.

The challenges of developing solid-state batteries include poor performance in cold weather and the battery pack’s tendency to expand.

Mercedes Chief Technology Officer Markus Schaefer told Reuters that Factorial’s solid-state batteries could provide a 40% improvement in energy density over the German premium automaker’s high-performance batteries today.

This would enable Mercedes to either significantly reduce EV battery pack size – batteries are an EV’s most expensive and heaviest component – or provide long-range electric cars for those who want them.

He added that lighter batteries would allow Mercedes to use steel for EV bodies instead of far more expensive and carbon intensive high-strength aluminum.

Mercedes is also working with Taiwanese battery maker ProLogium, in which it has invested, on solid-state batteries and is researching high-silicon anodes as an alternative solution to increase EV battery density.

“There are some challenges that you have to get under control, but … we have great engineering solutions to address them,” Schaefer said, adding that he believed Factorial’s goal of developing Solstice at scale by the end of the decade was realistic.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

2 days ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

3 days ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

1 week ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.