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Factorial lists on Nasdaq to scale solid-state batteries

Factorial lists on Nasdaq to scale solid-state batteries

New Capabilities

A SPAC merger gives the battery startup about $1.3 billion in value and fresh cash to move from carmaker tests to mass production.

Today: Factorial begins Nasdaq trading

Overview

A modified Mercedes-Benz EQS drove from Stuttgart to Malmö last fall, 1,205 kilometers, on a single charge. The battery inside came from Factorial Energy, which on June 8 began trading on Nasdaq.

The listing, a merger with a shell company called Cartesian Growth Corporation III, values Factorial near $1.3 billion and hands it over $100 million to fund production. Solid-state cells replace the flammable liquid in today's lithium-ion batteries with a solid material, promising more range and less fire risk. The hard part has never been the lab; it is making them by the millions.

Why it matters

If Factorial delivers, electric cars could gain far more range and charge more safely, the battery breakthrough automakers have promised for a decade.

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Key Indicators

$1.3B
Equity value at listing
What the merger implied Factorial was worth as it began trading.
>$100M
Cash to commercialize
Gross proceeds the deal provides to build batteries at scale.
1,205 km
Single-charge test range
Distance a Factorial-powered Mercedes EQS covered without stopping.
+25%
Usable energy gain
Added energy in the test battery at similar size and weight.

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People Involved

Organizations Involved

Timeline

January 2017 June 2026

7 events Latest: Today
Tap a bar to jump to that date
  1. Factorial begins Nasdaq trading

    Today Milestone

    Factorial starts trading under tickers FAC and FACWW, valued near $1.3 billion with over $100 million to fund commercialization.

  2. Shareholders approve the merger

    Deal

    Investors in both companies vote to approve the combination, clearing the path to a Nasdaq listing.

  3. First U.S. production program with Karma

    Partnership

    Karma Automotive and Factorial announce a solid-state production program for the Kaveya, targeted for late 2027.

  4. SPAC merger announced

    Deal

    Factorial and Cartesian Growth Corporation III agree to a business combination to take Factorial public.

  5. Mercedes EQS goes 1,205 km on one charge

    Validation

    A modified Mercedes EQS with Factorial cells drives Stuttgart to Malmö without charging, arriving with range to spare.

  6. First large solid-state cell

    Milestone

    Factorial launches a 100Ah-plus lithium-metal solid-state battery, a size useful for cars.

  7. Factorial founded

    Origin

    Siyu Huang and Alex Yu start Factorial Energy in Massachusetts to develop solid-state batteries.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

November 2020

QuantumScape goes public (2020)

QuantumScape, a solid-state battery startup backed by Volkswagen and Bill Gates, went public through a SPAC. Its stock spiked above $130, valuing the firm near $50 billion before it had shipped a single commercial cell.

Then

Shares fell below $10 within a year as investors saw production was years away.

Now

By the mid-2020s QuantumScape was sending sample cells to carmakers but still had no mass-market product.

Why this matters now

Factorial takes the same SPAC route with similar promises. QuantumScape shows how fast enthusiasm fades when factories lag the science.

2017-2025

Toyota's solid-state roadmap (2017-2025)

Toyota first signaled solid-state batteries in production cars around 2020, holding thousands of patents. It then pushed the target to 2025, then to 2027 and 2030.

Then

Each delay cooled expectations for near-term solid-state vehicles.

Now

The slips set a benchmark: solid-state is widely seen as hard to mass-produce, not impossible.

Why this matters now

Factorial promises Karma cars by late 2027. Toyota's record shows why investors discount such dates.

2020-2023

The EV SPAC bust (2020-2023)

Dozens of pre-revenue electric vehicle startups went public via SPACs in 2020 and 2021. Nikola's founder was later convicted of fraud, and Lordstown Motors filed for bankruptcy in 2023.

Then

Most EV SPAC stocks lost the bulk of their value within two years.

Now

Regulators tightened SPAC disclosure rules, and investor appetite for pre-production EV deals shrank.

Why this matters now

Factorial enters public markets the same way, before mass production. The bust frames the skepticism it faces.

Sources

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