Factorial Inc., a U.S.-based developer of solid-state battery technology, has completed its previously announced business combination with special purpose acquisition company Cartesian Growth Corporation III, officially becoming a publicly traded company.
The combined entity will operate as Factorial Energy Inc., with its Series A common stock and warrants expected to begin trading on the Nasdaq Stock Market under the ticker symbols FAC and FACWW, respectively.
The transaction values the company at approximately $1.3 billion and provides more than $100 million in gross proceeds to support the commercialization of its next-generation solid-state battery technology.
Funding to Support Commercial Expansion
Factorial plans to use the newly raised capital to advance deployment of its battery technology across multiple sectors, including electric mobility, aerospace and defense, robotics, drones, and hyperscale data centers.
The company said its commercialization strategy is based on a capital-light model that leverages manufacturing partnerships rather than building large-scale production facilities independently.
This approach is intended to accelerate market adoption while reducing capital expenditure requirements.
Building on Automotive Validation
Factorial enters public markets following several years of development and validation efforts with major automotive manufacturers.
The company has focused on solid-state battery systems designed to deliver higher energy density, improved safety, and enhanced performance compared with conventional lithium-ion batteries.
Chief Executive Officer Siyu Huang said the automotive sector has served as a critical proving ground for the technology.
“We built Factorial to solve one of the hardest problems in energy – making solid-state real at scale,” said Huang.
“The automotive industry is the most demanding proving ground in the world, and 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.”
Recent Technology and Commercial Milestones
Factorial highlighted several achievements that demonstrate progress toward commercial deployment of its battery technology.
In 2026, the company expanded into the electric aviation sector through partnerships with drone integrators including KULR Technology Group, Tulip Tech, and JRES.
Earlier in the year, Factorial also secured strategic investment from IQT and established relationships with supply chain partners POSCO Future M and Philenergy to support growth in drone and robotics applications.
The company additionally announced a production program with Karma Automotive, which it described as the first U.S. solid-state battery production initiative for passenger vehicles.
Progress With Global Automotive Partners
Factorial has worked closely with several major automotive manufacturers to validate its technology.
In 2025, Mercedes-Benz integrated Factorial’s FEST solid-state battery cells into a modified EQS test vehicle, which completed a 1,205-kilometer journey between Stuttgart, Germany, and Malmö, Sweden, on a single charge.
The company also reported achieving a key development milestone supporting future demonstration fleets with Stellantis.
Factorial previously became one of the first companies in the industry to introduce a lithium-metal solid-state battery cell exceeding 100 ampere-hours, unveiling the technology in 2023.
Leadership and Industry Experience
The company’s management team and board include executives with extensive experience in the battery, automotive, and manufacturing sectors.
Its leadership includes Executive Chairman Joe Taylor, former Chairman and CEO of Panasonic North America, as well as Dieter Zetsche, former Chairman of Daimler and former head of Mercedes-Benz Cars.
Peter Yu, Chairman and CEO of Cartesian Growth Corporation III, said the public listing creates an opportunity for investors to participate in the growth of the emerging solid-state battery sector.
“The team at Factorial is dedicated not just to powering the next generation of drones, robots, e-mobility and energy storage, but to creating long-term shareholder value,” said Yu.
“We are proud to anchor the common-equity PIPE and even more excited to open Factorial’s cap table to investors seeking to participate in the company’s future.”
The Nasdaq debut marks a significant milestone for Factorial as it seeks to transition from technology development into large-scale commercialization of solid-state batteries across multiple industries.
