Factorial completes Nasdaq listing
The transaction values the company at approximately $1.3 billion. The combined company now operates as Factorial Energy Inc. and received more than $100 million in gross proceeds through the transaction. According to the company, the capital will be used to accelerate the deployment of its solid-state batteries.
The company had announced its plans to join forces with a SPAC in January. A SPAC, or Special Purpose Acquisition Company, is a firm created solely to acquire another company and is already listed on the stock exchange. Factorial thus follows the same path as competitor StoreDot. The Israeli battery startup, which develops technology for ultra-fast-charging electric vehicle batteries, announced its merger with a SPAC to list on the stock exchange in December last year.
Factorial is pursuing a capital-light commercialisation strategy based on joint manufacturing partnerships. The company says this model is designed to enable faster scaling while reducing manufacturing costs and deployment risks. The US battery specialist is backed by several automotive groups including Mercedes-Benz, Stellantis, and Hyundai-Kia. All three automotive groups plan to use Factorial’s high-performance, lightweight solid-state batteries in future electric vehicles, which are expected to enable a range of over 1,200 kilometres.
“We built Factorial to solve one of the hardest problems in energy – making solid-state real at scale,” said Siyu Huang, CEO of Factorial. “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.”
“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 Peter Yu, Chairman and CEO of Cartesian Growth Corporation III.
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