Factorial Press Release
Factorial Inc. (“Factorial”), the U.S. solid-state battery developer redefining what’s possible in advanced energy systems, and Cartesian Growth Corporation III (“Cartesian III”) today announced that Factorial has signed a Memorandum of Understanding (MOU) for a strategic manufacturing collaboration with Philenergy, Korea’s leading battery equipment and infrastructure provider, intended to accelerate the scale up of Factorial’s groundbreaking Solstice™ all-solid-state battery platform.
Through their collaboration, the companies will explore integrating Philenergy’s world-class production infrastructure and proven supply chain with Factorial’s proprietary battery architecture.
“The companies that win in next-generation batteries won’t just have breakthrough technology – they’ll have production partners experienced in battery manufacturing and capable of delivering at scale,” said Siyu Huang, CEO of Factorial. “Philenergy brings proven production expertise and infrastructure that matches the ambition of Solstice™.”
Philenergy’s advanced manufacturing capabilities – including automated laser notching, precision stacking systems, next-generation winding technology, and intelligent assembly infrastructure – represent the cutting edge of battery production engineering. The company’s modular factory architecture delivers capital efficiency, deployment speed, and operational flexibility that traditional fixed-line approaches cannot match. For Factorial, this could mean reaching volume manufacturing faster while maintaining the rigorous process control demanded by solid-state technology.
“Factorial has established itself as a true technology leader in the solid-state battery space, with deep materials expertise and a clear path toward scalable commercialization,” said Kim Kwang-il, CEO of Philenergy. “The Solstice™ platform represents one of the most advanced solid-state architectures in the industry, combining high energy density with manufacturability. We are proud to support Factorial’s vision and contribute our manufacturing capabilities to help bring this breakthrough technology to global markets.”
Solstice™ delivers what conventional lithium-ion batteries cannot: up to 80% higher energy density while maintaining stable operation at temperatures as high as 90°C – significantly increasing the thermal ceiling of conventional lithium-ion systems. This step change in performance isn’t incremental – it unlocks entirely new applications.
The platform’s breakthroughs extend beyond performance. Solstice™ features a faster formation process and eliminates hazardous solvents through a novel dry cathode architecture, reducing the energy-intensive manufacturing steps and attendant production and environmental impacts of conventional lithium-ion batteries.
As global demand intensifies for energy systems that provide reliable sustained power, perform in extreme conditions, and operate safely under stress, this collaboration positions both companies at the forefront of the battery revolution reshaping transportation, defense, and industrial applications.
About Factorial
Founded and headquartered in the greater Boston area, Factorial operates at the forefront of solid-state battery development. Its proprietary FEST® and Solstice™ platforms deliver industry leading performance with scalable manufacturing, developed in close collaborations with strategic customers. Mercedes-Benz’ real-world road testing in a lightly modified test vehicle achieved over 1,200 km of range on a single charge, while Stellantis-lab testing verified 77 Ah cells demonstrating high energy density, fast-charging, and robust performance across temperature extremes. Factorial’s commercial partnerships include global automotive leaders such as Mercedes-Benz, Stellantis, Hyundai Motor Company, and Kia Corporation. For more information, visit www.factorialenergy.com.
About Philenergy
Philenergy Co., Ltd, a company listed on the Korean stock market (KOSDAQ), is a leading provider of battery assembly solutions based in Osan, South Korea. A pioneer in high-speed manufacturing technology, Philenergy specializes in laser notching, 4600-series winding, and advanced stacking equipment. The company is recognized for its proprietary laser production and Roll-to-Roll (R2R) technologies, which significantly improve productivity and reduce operating costs in battery cell assembly. With operations in South Korea, Hungary, and the United States, Philenergy is committed to advancing the global battery manufacturing landscape through automation and precision engineering. For more information, visit www.philenergy.co.kr.
About Cartesian III
Cartesian III is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization or engaging in any other similar business combination with one or more businesses or entities. Cartesian III is an affiliate of Cartesian Capital Group, LLC, a global private equity firm and registered investment adviser headquartered in New York City, New York. Cartesian III is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012. For more information about Cartesian III, please visit www.cartesiangrowth.com/cgc3.
