Factorial and Cartesian Growth Corporation III (Nasdaq: CGCT) Announce Business Combination Agreement to Accelerate Commercialization of Solid-State Battery Technology
- Factorial’s high-power, lightweight, solid-state batteries have demonstrated real-world performance, including over 1,200 km (745 miles) of driving range in vehicle testing and are being advanced toward defense, aerospace, and industrial applications
- Combination expands capital base to fuel Factorial’s continued growth and broad-based commercialization
BOSTON–(BUSINESS WIRE)–Factorial Inc. (“Factorial”), a leader in solid-state battery technology, and Cartesian Growth Corporation III (“Cartesian III”), a special purpose acquisition company, announced today that they have entered into a definitive business combination agreement (“BCA”).
The business combination (“Combination”) values Factorial at approximately $1.1 billion on a pre-money, pre-merger basis. The Combination also includes $100 million in new capital committed by institutional investors in a private placement of common stock (the “PIPE”). Upon closing, the combined company will list on Nasdaq under the ticker symbol FAC. Cartesian III currently holds approximately $276 million in cash in trust (all subject to redemption). Assuming no redemptions, the Combination will result in a pro forma equity value of approximately $1.5 billion.
Dr. Siyu Huang, Co-founder and CEO of Factorial, said:
This agreement marks a pivotal inflection point in our progression from proven technology to broad commercial deployment across multiple industries,
“We’ve proven our solid-state platform delivers what customers want – longer range, lighter weight, and greater cost efficiency. A Nasdaq listing is expected to provide the capital and enhanced visibility to drive commercial adoption of our transformative products.”
Factorial’s solid-state cells have been validated through OEM collaborations, including real-world testing in a lightly modified Mercedes-Benz EQS test vehicle achieving over 1,200 km of range on a single charge with 106 Ah cells. Stellantis-lab testing verified 77Ah cells demonstrating high energy density, fast charging, and robust performance across temperature extremes.
Beyond passenger vehicles, Factorial is expanding into high-growth defense, aerospace, and robotics applications where high power, ability to operate across extreme temperature ranges, and lightweight performance are mission-critical.
Peter Yu, Chairman & CEO of Cartesian III, noted:
We are proud to partner with Factorial, as they transform cutting-edge science into compelling commercial offerings
“Our due diligence ratified that Factorial’s solutions can be transformative not only for marquee automotive partners, but also for critical national security priorities, such as the drone or UAV market.”
The proposed Combination is expected to close mid-2026, subject to customary closing conditions. Additional information about the proposed Combination and related transaction will be provided in a Form 8-K filed by Cartesian III today with the Securities and Exchange Commission (“SEC”).
Advisors
Cantor Fitzgerald & Co (“Cantor”) is acting as the exclusive financial advisor to Factorial and as the sole placement agent for the PIPE. Goodwin Procter LLP is acting as legal counsel to Factorial. Greenberg Traurig, LLP is acting as legal counsel to Cartesian. Thompson Coburn LLP is acting as legal counsel to Cantor.
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Factorial and Cartesian Growth Corporation III (Nasdaq: CGCT) Announce Business Combination Agreement to Accelerate Commercialization of Solid-State Battery Technology, source
