EVwire brief: Factorial, a US developer of solid-state battery cells, has closed its tie-up with the blank-check firm Cartesian Growth Corporation III and starts life as a public company on June 8, trading on the Nasdaq as Factorial Energy under the tickers FAC and FACWW.
The merger pegs the combined company at around $1.3 billion and hands it upwards of $100 million in fresh cash. This amount is earmarked for pushing its cells toward commercial use in defense and aerospace, large data centers, and electric mobility.
Factorial CEO Siyu Huang shared a comment about the deal.
“We've shown our technology can perform in real cars on real roads. That foundation positions us to scale, providing power to drones, robotics, and next generation energy systems. Listing on Nasdaq gives us the platform to accelerate that work and deliver solid-state technology where it matters most.”
Factorial and Cartesian’s combined company is valued at $1.3 billion
Factorial outlined some of its milestones over the years in a press release:
Q1 2023: Shipped the first lithium-metal solid-state cell rated above 100Ah.
Q3 2025: A Mercedes-Benz EQS running Factorial's FEST cells covered 1,205 km (749 miles) on one charge between Stuttgart and Malmö, while Stellantis cleared a technical milestone on the path to a demo fleet.
Q1 2026: IQT invested to push Factorial deeper into drones and robotics, with POSCO Future M and Philenergy signing on as supply-chain partners, and Karma Automotive committed to what the pair bill as the first US solid-state production program for passenger cars.
Q2 2026: Lined up drone integrators on three continents, namely KULR Technology Group, Tulip Tech, and JRES.
Factorial’s Solstice battery uses a sulfide-based all-solid-state electrolyte material for high thermal stability and safety
Context:
Factorial’s pitch rests on the chemistry. Solid-state cells trade the flammable liquid electrolyte inside a normal lithium-ion battery for a solid material, a swap engineers have chased for years because it can mean more range and less fire risk. Rather than run a conventional IPO, Factorial reached the market by folding into Cartesian, a listed company.
Its backers are a notable bunch. Alongside automakers Mercedes-Benz, Stellantis, Hyundai, and Kia, Factorial counts IQT, the venture arm tied to the US national-security community, among its investors. The boardroom carries weight too: executive chairman Joe Taylor once ran Panasonic North America, and Dieter Zetsche, the former Daimler chairman and Mercedes-Benz boss, holds a seat.
Factorial plans to mark the occasion by ringing Nasdaq's opening bell on June 17, with demo vehicles and cells parked outside the exchange for the public to see that morning.
Source: Factorial Energy
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