US solid-state battery developer Factorial Energy has begun trading on the Nasdaq Stock Market following the completion of its merger with special purpose acquisition company Cartesian Growth Corporation III.
The firm, which is backed by top automotive companies, began trading on the Nasdaq Stock Market on 8 June 2026 under the ticker symbols FAC and FACWW.
The transaction places the combined entity's valuation at roughly $1.3bn, with the deal generating over $100m in gross proceeds.
Factorial will deploy the capital towards bringing its solid-state battery technology to market across three sectors: electric vehicles, defence and aerospace, and hyperscale data centres.
Factorial CEO Siyu Huang said: “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.”
Mercedes-Benz, Stellantis, Hyundai, and Kia are among the company’s backers, along with In-Q-Tel, which was set up by the CIA in 1999 as an independent, not-for-profit investment firm.
Commercial developments announced in the first half of 2026 included partnerships with drone integrators KULR Technology Group, Tulip Tech, and JRES across three continents, as well as a strategic investment from In-Q-Tel .
The period also included the announcement of a first US solid-state battery production programme for passenger vehicles with Karma Automotive.
In the third quarter of 2025, Mercedes-Benz completed a 1,205km single-charge drive from Stuttgart to Malmö in a lightly modified EQS test vehicle equipped with Factorial's FEST cells.
Factorial's board includes executive chairman Joe Taylor, former chairman and chief executive of Panasonic North America, and Dieter Zetsche, former chairman of the board of Daimler and head of Mercedes-Benz Cars.
