Factorial, a manufacturer of solid-state batteries for electric vehicles, was approved Thursday for $680,000 in state investment tax credits as the company plans to invest $45 million in a Methuen building.
The state Economic Assistance Coordinating Council approved the company’s participation in the Economic Development Incentive Program. Factorial plans to expand its research and development, manufacturing and headquarters at a 78,000-square-foot building at 501 Griffin Brook Drive. It was founded in 2019 and currently based in Woburn.
Redevelopment plans construction space for operations, research and development, dry rooms, battery testing facilities and manufacturing. The project will create 136 new full-time jobs and keep 30 existing jobs.
Methuen recently approved about $2 million in property tax relief over 15 years.