COMPANY PROFILE / Solid-State Battery
Factorial Energy
– Received funding from three automotive companies and went public in 2026 as a ‘quasi-solid’ company
Factorial Energy is with Mercedes-Benz, Stellantis, Hyundai/Kia All three automobile associations have provided funding.It is a rare startup. It went public on the Nasdaq through a SPAC merger in June 2026, with cash on hand of $112.8 million. However, sales are still zero and there are approximately 100 employees. In this article, we discuss this company’sThe differences between two product series (FEST and Solstice)and how long cash will last according to what the company itself is sayingwill be organized using only the U.S. SEC filings.
- An AI-generated conceptual illustration and its position in all-solid-state batteries
- About the logo and company name
- Where is this company in the world of solid-state batteries
- Company’s scale (sales are zero. View in cash)
- Resources invested in solid-state batteries
- Previous efforts
- Future plans
- What is this company aiming for with solid-state batteries?
- Mapping of collaborations in the field of all-solid-state batteries
- Techniques and methods adopted
- Risks faced by this company
- Glossary / References / Claims and Corresponding References Table
1. Understand Factorial in 30 seconds and its position in all-solid-state batteries
Billerica805 Middlesex Turnpike。Boston suburb
(Before commercialization)The company itself refers to it as ‘pre-commercialization stage’
Stellantis
Modern/KiaBoth have also entered into joint development agreements
Solstice (fully solid)FEST is leading. Solstice is in the early stages of development using sulfide materials
Companies working on solid-state batteriesAutomotive manufacturers, battery manufacturers, and startupsare divided into three types. Factorial is one of theseStartups. fact. However, the first thing you should know when reading this company is, The main FEST is strictly not ‘all-solid’.This point. The prospectus states that FEST is a ‘polymer-based solid electrolyte’.small amount of liquid componentdescribes a electrolyte system combined with a small amount of liquid component, and the company itself calls its own technology ‘quasi-solid (quasi-solid)’.Solsticeis another series called ‘fully solid’, which is based on sulfide systems. It is said to be at an earlier development stage than FEST.
2. Regarding logo and company name display
The logo of Factorial Energy is the company’s trademark. In this article, we will not reproduce it using generated images.
images obtained from the official websiteare img/factorial_logo.svg displayed as
Note on notation: The holding companies listed are Factorial Energy Inc. which were SPACs Cartesian Growth Corporation III and changed their name to this in the merger in June 2026. The company that has been operating since the merger is Factorial Inc.(documented as ‘Legacy Factorial’) and all financial statements prior to the merger are recorded under these figures. The name of the FEST® is a shortened form of ‘Factorial Electrolyte System Technology’, and Solstice™ is the name for a different series of solid-state batteries.
Official website:https://factorialenergy.com/3. Among the world of all-solid-state batteries, where is this company located?
4. Company size (sales are zero. Viewed in cash terms)
Factorial isAt the time of writing this article, we have not yet recorded revenue from our business operations. fact. 10-Q states ‘Factorial has yet to generate any revenue from its business operations.’ In January 2026 for automotive applications and in July 2026 for aerospace applicationsthe first commercial ordersto announce it, but the fact that it was recorded as sales has not appeared in the quarterly report as of June 30, 2026.
| Indicator (thousand dollars) | Fiscal year ending December 2024 | Fiscal Year Ending December 2025 | First half of 2026 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Research and Development Expenses | 31,809 | 24,323 | 8,524 |
| Selling expenses and general and administrative expenses | 24,711 | 22,202 | 10,928 |
| Lease impairment and termination loss | ― | 17,063 | ― |
| Total operating expenses | 56,520 | 63,588 | 19,452 |
| Net loss | 54,344 | 73,845 | 19,916 |
| Cash outflow from business activities | ― | ― | 11,391 |
| Item | Content |
|---|---|
| Cash as of June 30, 2026 | 112.8 million dollars(Cash and cash equivalents. Primarily managed in the U.S. Treasury Money Market Fund) |
| Amount invested through an IPO | SPAC merger and PIPEGross $112,100,000Subtracting trading fees of $20,100,000Net approximately $92,000,000 |
| Repayment to SPAC shareholders | 23,051,313 shares repaid at approximately $10.42 per shareApproximately 240.1 million dollarshas flowed out of trust |
| company’s outlook | in the current business plan, cash on hand isuntil the first quarter of 2028is estimated to cover operating expenses and equipment investments |
| continuing enterprise assumption | there were significant doubts about the continuing enterprise assumption before going public, but with the funds from the IPO and PIPEresolvedand the management has concluded |
The operating cash outflow for the first half of 2026 was $11.39 million. When converted to an annual rate, it is approximately $22.78 million, and if divided by the cash on hand of $112.8 millionit would beapproximately 4.9 years Calculations in this article. However, the company itselfuntil the first quarter of 2028and it is, from the submission date, about 1.5 years fact。
The reason for the difference is also written in the documents. The company states that ‘in order to accelerate the hiring of engineers, the outflow of sales cash will significantly increase’increaseand stated, furthermore,The remaining period in 2026 will amount to approximately $12 million in equipment investment.We are projecting this. Equipment investment is not included in operating cash flow, so it will always come up short when calculated simply. When reading the cash duration of a startup, Prioritize the deadline set by the company itselfIt is safe.
5. Resources invested in solid-state batteries
| Resource types | Content | Classification |
|---|---|---|
| person | EmployeesApproximately 100 people(December 31, 2025). More than two-thirds are engaged in research and development and related work, with more than half holding advanced degrees in engineering or science. All employees work for companies that produce full-solid-state batteries.There is no distinction of part-time employment. | fact |
| Gold (research and development expenses) | Fiscal Year Ending December 2025 $24.32 million/2024: $31.81 million /2026 first half: $8.52 million | fact |
| cumulative procurement amount | The total amount of money is not explicitly stated in the documents. The only thing that can be confirmed isthe liquidation preference for Series D preferred stock of $22,380,000(as of December 31, 2025)and the proceeds from listing and PIPE of approximately $92 million. The preferred stock round was jointly led by Mercedes-Benz and Stellantisfor $200 millionprocurement and the memorandum of understanding | fact |
| investors (automobiles) | Mercedes-Benz/Stellantis/Modern/Kia. All of these also have joint development agreements, and the investors themselves are becoming potential customers. | fact |
| Investors (others) | IQT(Non-profit strategic investor for the U.S. security community)POSCO Future M(January 2026),Philenergy(January 2026) | fact |
| mass production equipment | a production building owned by the company in Tian’an, South Korea(approximately 28,000 square feet).200MWhThe space can accommodate up to the year, and has a track record of shipping thousands of large cells with capacities exceeding 100Ah. The headquarters (approximately 52,000 square feet in Billerica and approximately 18,000 square feet in Woburn) are for small-scale production and research and development | fact |
| Future equipment investment | In the remaining period until 2026Approximately $12 million. Expansion is scheduled to be completed by the end of 2027.No further factory construction or acquisitions are plannedand it is explicitly stated | fact |
| Intellectual Property | Past 10 yearsover 150United States and foreign patents and patent applications | fact |
| Collaboration with universities | Professor Héctor Abruña, a co-founder, is a professor at the Department of Chemistry at Cornell University (former department head), butthere are no records of university joint research agreements in the documents | Unconfirmed |
(1) Cash on Hand= $112.8 million. (2) Cash Duration=Company’s quotation until the first quarter of 2028. (3) Is it invested by an automobile manufacturer?=Three factions are invested, and each has a joint development contract. (4) Does it have its own mass production facilities?＝holding (but at a scale of 200MWh per year) Calculations in this article。
(4) This is a characteristic of this company. Neither does it have factories like QuantumScape, nor does it build its own gigafactories. From prototype development to initial commercial shipment, we manage it ourselves, and after that, we lease from other companies’ existing lines.This is an intermediate design. The company refers to this as the ‘capital-light growth model’.
6. Previous Efforts
| period | incident | Meaning |
|---|---|---|
| 2021 year | operates at room temperature40 Ah Automotive Size All-Solid-State Batteryto the world for the first time and claims. Modern/Accord received its first strategic investment from Hyundai/Kia in August and signed a JDA. In November, it signed a joint development agreement with Mercedes-Benz and Stellantis. | the year when the three automotive camps gathered |
| 2023 year | Stellantis and jointly withOver 100 Ah Lithium Metal All-Solid-State Cellannounced. Obtained UN38.3 transport safety certification in November | Large-scale Proof |
| 2024 year | Delivered over 390Wh/kg and 100Ah B samples to global OEMs | The mass production design has entered the verification stage |
| August 2025 | Loaded with FEST cellsThe Mercedes-Benz EQS can travel 1,205 km on a single charge(from Stuttgart to Malmö, on public roads). There were 137 km of range left when it arrived | Proof of performance in real cars and on public roads. This company’s greatest achievement |
| 2025 year | Retreat from the facility in Meson, Massachusetts$170.6 million impairment and termination costsRecorded in June with SungEel HiTech for recycling JDA, in September with Philenergy and MoU, in December with POSCO Future M and MoU | Reducing the number of bases while strengthening Korea’s supply network |
| February 2026 | PowerCo SE (Volkswagen’s battery subsidiary) and JDA(15 months).Karma Automotive and the first domestic program for mass production of all-solid-state batteries for passenger carsto start | the fourth automobile group and the first mass production program |
| May 2026 | KULR (USA), Tulip Tech (Netherlands), JRES (South Korea) to collaborate on drone integration | Creation of exits other than those for automobiles |
| June 5, 2026 | IPO via SPAC on Nasdaq(Ticker FAC). Approximately $92 million in cash. In the same month, Stellantis began road tests with the FEST cell installed in the development car of the Dodge Charger Daytona | Funding and the first real-world installation proceeded simultaneously |
| July 2026 | from a U.S. drone manufacturerthe first commercial order in the aerospace field(Company name not disclosed). Announced a flight test where endurance increased by more than 30% and signed an MoU with SK On on the 29th. | The first order in the market with a shorter development cycle than automobiles. |
| September 17, 2026 (In Japan it is the 18th) | Joint development agreement (JDA) with Sumitomo Metal Industries. Utilizing Sumitomo Metal Industries’ Alzylorodite-type sulfide solid electrolyte ‘A-SOLiD’,Improvement of the performance of solid electrolytesandThe development of the manufacturing process for battery cellsis underway. Both companies announced | they have teamed up with a manufacturer of electrolytes for all-solid-state series (Solstice).It is not a supply contract for materials, but a joint development contract |
This contract was announced by both Factorial (September 17, 2026, Boston, USA) and Sumitomo Metal (September 18, Tokyo)The two companies officially announcedit fact。Both companies’ announcements combined reveal the following content.
What to develop together: Asahi Metal’s announcement lists (1) the use of A-SOLiD forimproving the performance of solid electrolyte materials、 (2) development of manufacturing processes for battery cells, and ‘solving technical issues andverifying mass production applicabilityto move forward
role allocation: Factorial will continueas a fabless type of technology innovatorleading in cell design, process development, supply chain qualification evaluation, integration into manufacturing lines, and validation of manufacturing processes. This phrasing is consistent across both companies’ announcements. Sumitomo Metal is referring to Factorial as ‘one of the key partners‘
A-SOLiD：Mitsui Metal Industries developedan algirodite-type sulfide solid electrolyteand, the company’s IR materials state that it has high lithium ion conductivity comparable to organic electrolytes as a feature. The pilot production facility was introduced in 2019 within the premises of the comprehensive research institute in Urawa City, Saitama Prefecture and was planned to be increased fourfold by 2025 to match the production capacity at the time. Mitsui Metal plans to start operations of its initial pilot production factory in 2027Urawa City, Saitama Prefecturein 2019four timesthe plan was to increase the production capacity by 2025 to match the production capacity at the timeMitsui Metal plansIt is written that it is being done, but the location of this is not recorded in the same document. Unconfirmed / Future。
Materials engineer’s perspective: The most challenging aspect of all-solid-state batteries using sulfide systems is, the electrolyte powderhow to thinly and uniformly stack it without defectsThis is the manufacturing process. This contract is not about buying and selling electrolytesIt includes the joint development of the ‘cell manufacturing process’This is because, from the perspective of the electrolyte manufacturer, it shows that material performance alone is not enough to reach mass production. Additionally, there is a forecasted value regarding the market share of Miike Copper’s ultra-thin copper foil in Factorial’s release, but since the source is not indicated, this forecasted value will not be adopted in this article.
7. Future Plans
late 2027high-spec market. company outlook
up to 80%FEST claims that it can use the equipment for conventional lithium-ion batteries as is
the company positions the commercialization in automobiles as a ‘multi-year process’} The drone is much shorter.and explicitly states. fact. In fact, the first commercial orders came from both passenger cars (January 2026) and aerospace (July 2026), indicating that it’s not just about one leg of the automobile industry. The development of exit strategies is advancing.
Next, all of these are not recorded in SEC filings or official releases. Unconfirmed / Future。
OrdersAmount · Quantity / AerospaceCustomer Name / For KarmaDelivery start period and quantity/ Contract with each OEMFinancial terms/ Cell price / total cumulative procurement amount. Note that there are many numbers regarding market size and EV sales share in the prospectus, but The source is the estimate by research companies and consulting firms(MarketsandMarkets, BloombergNEF, ICCT, PwC, etc.), therefore, we do not adopt any of these in this article.
8. What does this company aim to achieve with solid-state batteries?
This part includes information that the company has not directly stated.Inferred from primary sources within the scope of what can be read.Along with the basis, I will write it down.
| What can be read | primary information | Classification |
|---|---|---|
| The first revenue source asprioritizing drones and defense over automobiles | the prospectus states that ‘drones are attractive due to their short development cycle and promising sales opportunities in the near future.’ In fact, the initial commercial orders came from aerospace, and collaboration with three drone companies is also advancing. | fact |
| has no intention of building its own gigafactory | 10-Q states that ‘no plans to build or acquire additional manufacturing facilities beyond initial expansion,’ and it will expand through partner manufacturing. | fact |
| FEST isfocusing on ‘what can be done with the existing line’ as its biggest selling point | It repeatedly mentions that up to 80% of the equipment can be reused, and that it can repurpose lines with low operating rates. A MoU with SK On is also mentioned in this context | fact |
| The main contender isSolstice, but they acknowledge that it takes time | The prospectus states that ‘Solstice is at an earlier development stage than FEST (i.e., behind)’ while only showing a future value of 450Wh/kg at 90°C for Solstice | speculation |
| Ipo isto go to Solstice for the production line fundingit was | It is stated in the document that ‘The investment in Solstice’s scale-up is planned to be covered by the funds raised through SPAC merger and future JDA, joint venture, and co-development plans’ | speculation |
| supply networkis intentionally leaning towards South Korea and Japan | the production facility is in Cheonan, South Korea. Materials are from POSCO Future M, equipment from Philenergy, recycling from SungEel HiTech (all South Korean companies), and the co-developer of solid-state electrolytes based on sulfide is Mitsubishi Metal (Japan) | speculation |
This company’s aim isthe assembly method of the product seriesis most clearly shown. FEST is ‘polymer solid electrolyte + a small amount of liquid’, and it designs to be able to use up to 80% of existing lithium-ion production linesas the starting point for the design fact. Therefore, FEST isnot a technology aiming for the peak of performance, but rather the technology that can be made nowIt is. On the other hand, the Solstice is a fully solid-state sulfur-based system, using dry cathode coating, and it shows figures of 450Wh/kg at 90°C, but it has only been produced up to 40Ah.
Hereafter this article is, Factorial isSell at FEST first to establish sales, then finish Solstice in the meantime, two-tier approach.is read as Unconfirmed / Future. The joint development agreement (JDA) with Sumitomo Metal in September 2026, which is intended for Solstice, also aligns with this interpretation. However, the company does not use the phrase ‘two-tier structure’, and this is an interpretation of this article.
9. Mapping of solid-state battery collaborations
10. Technology Approach Used
| Item | FEST® (Mainstay · Quasi-solid) | Solstice™ (All-Solid) |
|---|---|---|
| Electrolyte | Polymer-based solid electrolyte + a small amount of liquid | Sulfide-based fully solid |
| Negative electrode | Compatible with lithium metal, graphite, and silicon | Not mentioned in the prospectus |
| Positive electrode | Low cobalt NMC/NCA. Also compatible with LFP | Dry painting. No solvent mixing and drying process required |
| energy density | Exceeds 390Wh/kg (mass production lithium-ion is 250 to 330Wh/kg) | Maximum of 450Wh/kgPotential(Not proven values) |
| Proven cells | 77Ah cells charge to 15→90% in less than 20 minutes, 4C discharge, −30 to 45°C. Exceeds 100Ah and shipped thousands of units | Manufactured up to 40Ah and delivered to automotive and high-energy field partners |
| heat-resistant | It is explained that the starting temperature for thermal runaway in liquid systems is higher. | Stable up to 90°C (the previous liquid system had a limit of approximately 60°C) |
| Manufacturing | existing lithium-ionup to 80%equipment can be reused | manufacturing energy is reduced by dry painting |
| development stage | vehicle-mounted and commercial order stage | earlier stage than FESTand it is explicitly stated |
FEST uses polymer solid electrolyteremaining liquidis, from the perspective of this field’s technicians, a very reasonable compromise Calculations in this article. Building cells solely with solid electrolytes presents the biggest challengein contact within the cathode. The cathode is a porous layer composed of active material powder, conductive additives, and binder. It must allow ion pathways through all its gaps. When dealing with solids, they need to be pressed together to make contact, which requires high pressure, and the volume changes during charge-discharge cycles cause the contact to be lost over time. Adding a small amount of liquid can fill these gaps via capillary action, significantly reducing the interface resistance.
The trade-off isflammability and thermal stability. Solstice can be said to be stable up to 90°C, while for FEST, the company can only say.liquid systemsThe relative expression is limited to ‘the starting temperature for thermal runaway is high’. The reason why the same company has two systems is here. FEST took a more user-friendly approach, while Solstice aimed for performance limitsThis can be organized in this way Unconfirmed / Future。
11. The risks this company faces
| Risks | Content | Classification |
|---|---|---|
| Cash has a near-expiration date | The company itself estimates that it will be until the first quarter of 2028. Additional financing or revenue generation will be necessary before then | fact |
| There was once a doubt about the going concern assumption | There were significant doubts about the going concern assumption in the audited financial statements prior to listing. These were resolved with the funds raised for listing, but there is still an entry of ‘substantial doubt’ regarding risk factors | fact |
| A large amount of debt repayment occurred at the time of listing | 23,051,313 shares held by SPAC shareholders were repaid, resulting in a loss of approximately 240.1 million dollars. The net proceeds amounted to approximately 92 million dollars | fact |
| There are termination clauses in the main contracts. | Mercedes-Benz allows for termination by mutual agreement, with a deadline of the end of 2027. Hyundai/Kia allows for termination with a 30-day notice period. PowerCo can terminate if milestones are not reached within 15 months. | fact |
| Arbitration is ongoing. | The arbitration starting in March 2025, where the trading partner is4.9 million dollarsclaims for compensation and other damages. The company denies the obligation to pay and is counterclaiming. | fact |
| The mainstay is not ‘all-solid’ | FEST still has liquid components. There’s no other option but to respond with Solstice at the early development stage for customers who demand a fully solid state | speculation |
| Small production scale | Our production facility has a capacity of 200MWh per year. To meet the GWh-level needs of the automotive industry, we have no choice but to borrow from other companies’ lines | speculation |
12. Glossary
- All-solid-state battery
- A battery with electrolyte in solid form instead of liquid. It is said to have a low risk of fire and be strong against high voltage and high temperature.
- Quasi-solid
- A structure that primarily uses solid electrolyte but retains a small amount of liquid to connect the interfaces. FEST corresponds to this.
- Sulfide-type solid electrolyte
- A solid electrolyte containing sulfur. It has high ionic conductivity and is soft, but it is weak against moisture. Solstice adopts this.
- Dry painting
- A method of making electrodes without using solvents. It does not require a drying process and can reduce manufacturing energy.
- Wh/kg
- Energy per unit weight. Shows how much electricity can be stored with the same weight.
- 4C discharge
- The rate at which a battery uses up its capacity in 15 minutes, which is necessary for takeoff of drones, etc.
- de-SPAC
- Merger with an already listed blank check company (SPAC) to go public. Existing shareholders can choose to be repaid in cash.
- Form 10-Q
- Quarterly report submitted by a U.S.-listed company to the U.S. SEC. It carries legal responsibility.
AI-generated conceptual diagram13. Source
- Factorial Energy Inc. Form 10-Q for the quarterly period ended June 30, 2026 (filed with the U.S. SEC on August 11, 2026). Cash and cash flow for the first half of 2026, earnings and cash flow from de-SPAC transactions, repayment amounts, assumptions about the continuation of operations, equipment investment plans, and lease arrangements for facilities. https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm
- Factorial Energy Inc. Form 424B3 prospectus (filed with the U.S. SEC on September 21, 2026). Business description, technical specifications of FEST and Solstice, contract terms and expiration dates with each OEM, number of employees, facilities, patent count, earnings for the fiscal years ending December 2024 and 2025, production capacity in Korea, status of arbitration. https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm
- Factorial Energy Official press release ‘Mitsui Kinzoku Partners with Factorial to Scale All-Solid-State Battery Manufacturing’ (September 17, 2026). Joint development agreement and A-SOLiD solid electrolyte partnership with Mitsui Kinzoku. https://factorialenergy.com/press-releases/mitsui-kinzoku-partners-with-factorial-to-scale-all-solid-state-battery-manufacturing/
- Factorial Energy Official press release ‘Factorial and SK On Sign MoU to Explore Solid-State Battery Manufacturing’ (July 29, 2026). Non-binding memorandum of understanding with SK On. https://factorialenergy.com/press-releases/factorial-and-sk-on-sign-mou-to-explore-solid-state-battery-manufacturing/
- Factorial Energy Official press release ‘Factorial Secures First Commercial Aerospace Order for Advanced Battery Cells’ (July 24, 2026). First commercial aerospace order and an improvement in flight range by over 30% during flight tests. https://factorialenergy.com/press-releases/factorial-secures-first-commercial-aerospace-order-for-advanced-battery-cells/
- Factorial Energy Official website (company name, headquarters location, source of logo image). https://factorialenergy.com/
- Mitsui Metal News Release ‘Signed a Joint Development Agreement with Factorial Energy Co., Ltd. for the Practicalization of All-Solid-State Batteries’ (September 18, 2026). The joint development targets (high-performance solid electrolyte materials using A-SOLiD, development of battery cell manufacturing processes), verification of mass producibility, role division within Factorial, and positioning Factorial as one of the key partners. https://www.mitsui-kinzoku.com/news_a/?itemid=1992&dispmid=1073
- Mitsui Metal IR Material ‘Notice on the Second Round of Production Capacity Expansion Investment for Mass Production Test Equipment for All-Solid-State Batteries Solid Electrolyte “A-SOLiD®”‘ (May 13, 2025). A-SOLiD is an aluminosilicate-type sulfide solid electrolyte. The location of the mass production test facility is in Urawa City, Saitama Prefecture, and it was introduced in 2019. Plans to increase production capacity fourfold from the time of introduction, with a planned initial mass production factory operation for 2027. https://www.mitsui-kinzoku.com/LinkClick.aspx?TabModule950=0&fileticket=wHOd2fFXCiQ%3D&mid=826&tabid=199
14. Table of Correspondence between Claims and Sources
| Main Argument in the Body | Classification | Sources |
|---|---|---|
| Official name, headquarters location, listing market, IPO through SPAC merger (June 5, 2026) | fact | Source 1 https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm |
| Revenue from business activities is zero | fact | Source 1 https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm |
| Research and development expenses, general administration expenses, lease impairment, net loss for the fiscal years ending December 2024 and 2025 | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| Operating expenses and net loss for the first half of 2026: $19.916 million, operating cash outflow: $11.391 million | fact | Source 1 https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm |
| Cash balance as of June 30, 2026: $118 million, proceeds from initial public offering: approximately $92 million, debt repayment: approximately $240.1 million | fact | Source 1 https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm |
| The company’s estimate that cash will last until the first quarter of 2028 and resolution of doubts about the continuation of operations | fact | Source 1 https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm |
| Simple division results in approximately 4.9 years, which is noted to be inconsistent with the company’s outlook. | Calculations in this article | The values cited in reference 1 have been divided in this article. It is a rough estimate that does not include equipment investment and personnel increase. |
| Approximately 100 employees, research and development ratio, locations (Billerica, Woburn, South Korea), and area | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| The production hall in South Korea can accommodate up to 200MWh per year, with thousands of large cells shipped | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| The planned equipment investment for the remaining period in 2026 is approximately $12 million and there is no intention to build additional factories | fact | Source 1 https://www.sec.gov/Archives/edgar/data/2049662/000162828026055707/fac-20260630.htm |
| The liquidation preference amount for Series D preferred shares is $223.8 million, with a fundraising round of $200 million | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| Mercedes-Benz / Stellantis / Hyundai-Kia’s investment and joint development agreement, terms and conditions of each contract | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| 2025 August EQS driving 1,205km and remaining 137km at arrival | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| JDA with PowerCo (February 2026, 15 months) and production program supply agreement with Karma | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| POSCO Future M・Philenergy’s investment, SungEel HiTech’s recycling JDA, IQT’s investment | fact | Source 2, 3 https://factorialenergy.com/press-releases/mitsui-kinzoku-partners-with-factorial-to-scale-all-solid-state-battery-manufacturing/ |
| Joint Development Agreement with Sumitomo Metal (September 17, 2026, in Japan it is September 18) and Sulfide-based Solid Electrolyte A-SOLiD | fact | Source 3 https://factorialenergy.com/press-releases/mitsui-kinzoku-partners-with-factorial-to-scale-all-solid-state-battery-manufacturing/ |
| The target of joint development is the high-performance enhancement of solid electrolyte materials and the development of battery cell manufacturing processes, and to advance the verification of mass production applicability. | fact | Source 7 https://www.mitsui-kinzoku.com/news_a/?itemid=1992&dispmid=1073 |
| Factorial will lead in cell design, process development, supply chain suitability evaluation, line integration, and manufacturing validation, while Mitsubishi Metal will be one of the main partners for Factorial. | fact | Source 7 https://www.mitsui-kinzoku.com/news_a/?itemid=1992&dispmid=1073 |
| A-SOLiD is an aluminosilicate-type sulfide solid electrolyte. The pilot production facility is located in Urawa City, Saitama Prefecture and was introduced in 2019. Plans include doubling the production capacity from the time of introduction. | fact | Source 8 https://www.mitsui-kinzoku.com/LinkClick.aspx?TabModule950=0&fileticket=wHOd2fFXCiQ%3D&mid=826&tabid=199 |
| Mitsui Metal’s initial production factory operation in 2027 | Unconfirmed / Future | Source 8 https://www.mitsui-kinzoku.com/LinkClick.aspx?TabModule950=0&fileticket=wHOd2fFXCiQ%3D&mid=826&tabid=199(This is a company plan and not an achievement. No location specified) |
| The amount, duration, exclusivity of the contract with Mitsui Metal, supply quantity and price of A-SOLiD | Unconfirmed / Future | Not mentioned in either company’s announcement. This article does not estimate |
| Estimates of the market share of MITSUI METAL’s ultra-thin copper foil during the release of the Factorial report | Unconfirmed / Future | Since these estimates are not sourced, they are not adopted in this article |
| Non-binding MoU with SK On (July 29, 2026) | fact | Source 4 https://factorialenergy.com/press-releases/factorial-and-sk-on-sign-mou-to-explore-solid-state-battery-manufacturing/ |
| First commercial order in the aerospace field (July 24, 2026) and a more than 30% improvement in flight endurance during flight tests | fact | Source 5 https://factorialenergy.com/press-releases/factorial-secures-first-commercial-aerospace-order-for-advanced-battery-cells/ |
| FEST is a polymer solid electrolyte with a small amount of liquid, achieving over 390Wh/kg and the charging and discharging performance of 77Ah cells | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| Solstice is a fully solid state based on sulfide, with the possibility of 450Wh/kg, stable at 90℃, and manufactured up to 40Ah | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| The claim that it can reuse over 80% of the existing lithium-ion equipment, with more than 150 patents | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| An arbitration is being requested for 49 million dollars. | fact | Source 2 https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| Classification of three types of all-solid-state batteries (Automotive / Battery / Startup) | Calculations in this article | Arrangement by this article. Company names are exemplified from the 23 companies in this series |
| Order amount and quantity, names of aerospace customers, delivery dates and quantities for Karma, financial terms of the contract, total cumulative procurement amount | Unconfirmed / Future | Not recorded in references 1-5. This article does not estimate. https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| Market size, EV sales share, etc., numerical values | Unconfirmed / Future | Recorded in the prospectus but sourced from a research company’s estimatesThis article does not adopt |
| Research collaboration with universities | Unconfirmed / Future | Not mentioned in Document 1 and 2. The author does not assert that it does not exist. https://www.sec.gov/Archives/edgar/data/2049662/000110465926109360/tm2618963d3_424b3.htm |
| It is interpreted as Solstice being the main candidate, but the author acknowledges that it takes time. | speculation | The interpretation of this article based on the description in the development stage and the fact that only future values are shown for Solstice. |
| It is interpreted as the listing being for Solstice’s mass production funding. | speculation | The interpretation of this article based on the description of the use of the funds raised. |
| The interpretation that the supply network is intentionally directed towards South Korea and Japan | speculation | The interpretation of this article based on the location of production bases and partners mentioned in the text |
| The interpretation that it is a two-tiered structure where sales are made at FEST while finishing up Solstice | speculation | The interpretation based on the difference in design thinking between two systems. The company does not express this way |
| The explanation that the reason for leaving some liquid is to ensure contact inside the anode | Calculations in this article | Explanation based on this article. The company has not explicitly stated the reason. |
| The main point is that it is not entirely solid-state, and the production scale is small, which are considered risks. | speculation | Interpretation of this article based on the technical composition and production capacity. |
Last Updated: September 23, 2026 / Troy Technical
The numbers in this article are all based on legal filings submitted by Factorial Energy Inc. to the U.S. Securities and Exchange Commission (SEC) and its official press releases. We have not used estimates from research firms or consulting companies cited in the prospectus, nor news-based figures. The ‘assumed’ parts of this article are interpretations derived from primary information and do not reflect the company’s public statements.