Solid-State Battery Startup Factorial Energy Advances $1.1B Nasdaq SPAC Listing with New Strategic Investors IQT and POSCO Future M; Mercedes, Stellantis, Hyundai-Kia Already Committed

Boston-area solid-state battery developer Factorial Energy continues advancing its planned Nasdaq listing via merger with SPAC Cartesian Growth Corporation III, with the deal expected to close by mid-2026. The combined company will list under ticker 'FAC' at a pre-money valuation of approximately $1.1 billion, rising to ~$1.5 billion post-merger. In March 2026, new strategic investors joined: IQT (In-Q-Tel, the US intelligence community's venture arm) and South Korean battery supply chain firms Philenergy and POSCO Future M — the latter a major cathode active material and precursor supplier. These additions broaden Factorial's investor base well beyond its original backers Mercedes-Benz, Stellantis, and Hyundai-Kia. Factorial's FEST® (Factorial Electrolyte System Technology) solid-state cells have achieved 375 Wh/kg at the automotive cell level, with Mercedes validating a prototype vehicle covering nearly 750 miles (~1,200 km) on a single charge. Fast charging from 15% to 90% takes approximately 18 minutes. The company also targets the emerging market for solid-state batteries in electric military drones and robotics. Factorial's commercialisation strategy focuses on passenger EVs starting with the Karma Kaveya super-coupe (slated for late 2027), with broader automotive deployment in the 2028–2030 window. IQT's participation signals potential dual-use (defence/intelligence) applications. The SPAC merger is expected to provide up to $376 million in capital for scaling its Eagle Line pilot facility in San Jose, California, and future manufacturing partnerships.