Factorial Plans $1.1 Billion SPAC Merger to Launch Solid-State Batteries by 2027
Factorial Energy plans to list shares through a merger with Cartesian Growth Corporation III, valuing the company at $1.1 billion and raising $100 million in initial capital. The funds will support the development of solid-state batteries for automotive partners like Mercedes-Benz and Stellantis, with market introduction expected by 2027.
These batteries promise greater energy storage, faster charging, and reduced weight compared to current technologies. Factorial's batteries have already been tested in a Mercedes-Benz vehicle achieving nearly 750 miles on a single charge.
Future tests with Stellantis vehicles are planned, focusing initially on high-performance models. Despite challenges in mass production and a slowdown in U.S. electric vehicle sales, Factorial aims to address consumer concerns with next-generation battery technology.
