Boston-based Factorial has landed the strategic partnership and investments it said is needed to bring a high-performing electric vehicle battery to market by 2027.
Late last year, the company reported that it combined with special purpose acquisition company Cartesian Growth Corporation III, with the goal to supercharge Factorial's work with access to capital and public markets. Factorial, valued pre-merger at $1.1 billion, will be traded on Nasdaq as FAC by mid-year.
The news also came with $100 million in new capital investments.
"This agreement marks a pivotal inflection point in our progression from proven technology to broad commercial deployment across multiple industries," Factorial CEO Siyu Huang said.
Its mainstream EV applications could benefit the most people. That's because Factorial intends to deliver a battery that can repower quickly, operate in extreme temperatures, and provide 745 miles on a single charge.
The excellent range — and savings from speedier home chargers — is increasing the return on investment for motorists who trade in gas-guzzlers.
Factorial's product is a solid-state battery, which uses a firm and nonflammable electrolyte, or the middle portion of the cells. Most common lithium-ion packs use a flammable liquid. As a result, enhanced safety is one of the big pros touted by Top Speed, though EV fires are rare.
The better overall performance has been inhibited by costly manufacturing. But the tech is beginning to show up in vehicles. Finland's Donut Labs has a solid-state battery powering Verge motorcycles, for example. Porsche has also invested in electrolyte research.
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Factorial sees its efforts as being aligned with customer demands.
"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," Huang said.
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$200 or more 💰 The excitement comes with road-tested evidence. A "lightly modified" Mercedes-Benz EQS hit the 745-mile mark as part of lab-certified testing. Mercedes and Factorial already announced a partnership, with the automaker calling the pack a "true game-changer," according to Electrek. The online publication and others reported on the ambitious goal of bringing the pack to market next year.
The news is exciting for the already robust sector. Global sales grew 20% last year, to 20.7 million cars, industry analysts at Benchmark reported. The story stateside isn't as bright, mostly because of canceled tax breaks that incentivized EV purchases. But the 2% sales decline was better than expected, Cox Automotive noted.
Switching to an EV remains a smart move, with average gas and service savings of around $1,500 annually. That's in addition to the loads of harmful air pollution you can prevent while enjoying a quieter trip. Certain states still offer perks for buying one, as well.
Powering up at home can save you hundreds to thousands of dollars a year compared to gas cars and public charging stations that include fees, according to experts from Qmerit. They can get you moving on landing a Level 2 charger with free estimates from trusted installers. It starts with basic questions about your electric panel and garage.
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At Factorial, company leaders are also eyeing defense, aerospace, and robotics applications for their battery, per the release.
"We are proud to partner with Factorial, as they transform cutting-edge science into compelling commercial offerings," Cartesian CEO Peter Yu said.
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