Quick Takeaways
- Factorial has agreed to a SPAC merger valuing the company at USD 1.1 billion, accelerating commercialization of its solid-state battery technology.
- Real-world and laboratory validation shows long driving range, high energy density, and fast-charging performance, supporting broader automotive and non-automotive adoption.
On December 18, Boston, Massachusetts-based Factorial Inc., a recognized developer of solid-state battery technology, confirmed a definitive business combination agreement with Cartesian Growth Corporation III, a special purpose acquisition company. The transaction marks a major step in accelerating commercialization of next-generation solid-state battery solutions.
Solid-state battery merger sets USD 1.1 billion valuation
Under the agreed terms, the solid-state battery company is valued at approximately USD 1.1 billion on a pre-money, pre-merger basis. The transaction also includes USD 100 million in fresh capital commitments from institutional investors, strengthening the balance sheet to support technology scale-up, validation programs, and broader market expansion.
Nasdaq listing planned with mid-2026 closing timeline
The transaction is expected to close by mid-2026, subject to customary approvals. Following completion, the combined entity is planned to be listed on Nasdaq under the ticker symbol FAC. Cartesian Growth Corporation III currently holds about USD 276 million in cash in trust, which will support the post-merger capital structure.
Assuming no redemptions, the combination is projected to result in a pro forma equity value of around USD 1.5 billion. This positioning reflects growing investor confidence in solid-state battery commercialization timelines and long-term demand from the automotive sector.
Demonstrated solid-state battery performance in real-world testing
Factorial’s solid-state battery technology has shown notable real-world results. High-power, lightweight cells have demonstrated driving ranges exceeding 1,200 kilometers on a single charge using 106 Ah cells integrated into a Mercedes-Benz EQS test vehicle. These results highlight the potential of solid-state batteries to extend range without increasing pack weight.
Additional independent validation was completed through laboratory testing with Stellantis, where 77 Ah cells demonstrated:
Expansion beyond passenger vehicles
In parallel with automotive development, Factorial is actively expanding the application scope of its solid-state battery platform. Target markets include:
These segments value high energy density, safety, and reliability, aligning closely with solid-state battery performance characteristics and opening additional high-growth revenue opportunities.
Solid-state battery merger sets USD 1.1 billion valuation
Under the agreed terms, the solid-state battery company is valued at approximately USD 1.1 billion on a pre-money, pre-merger basis. The transaction also includes USD 100 million in fresh capital commitments from institutional investors, strengthening the balance sheet to support technology scale-up, validation programs, and broader market expansion.
Nasdaq listing planned with mid-2026 closing timeline
The transaction is expected to close by mid-2026, subject to customary approvals. Following completion, the combined entity is planned to be listed on Nasdaq under the ticker symbol FAC. Cartesian Growth Corporation III currently holds about USD 276 million in cash in trust, which will support the post-merger capital structure.
Assuming no redemptions, the combination is projected to result in a pro forma equity value of around USD 1.5 billion. This positioning reflects growing investor confidence in solid-state battery commercialization timelines and long-term demand from the automotive sector.
Demonstrated solid-state battery performance in real-world testing
Factorial’s solid-state battery technology has shown notable real-world results. High-power, lightweight cells have demonstrated driving ranges exceeding 1,200 kilometers on a single charge using 106 Ah cells integrated into a Mercedes-Benz EQS test vehicle. These results highlight the potential of solid-state batteries to extend range without increasing pack weight.
Additional independent validation was completed through laboratory testing with Stellantis, where 77 Ah cells demonstrated:
- High energy density
- Fast-charging capability
- Stable performance across wide temperature ranges
Expansion beyond passenger vehicles
In parallel with automotive development, Factorial is actively expanding the application scope of its solid-state battery platform. Target markets include:
- Advanced robotics systems
- Defense and aerospace platforms
- Drones and unmanned aerial vehicles
These segments value high energy density, safety, and reliability, aligning closely with solid-state battery performance characteristics and opening additional high-growth revenue opportunities.
Company Press Release
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