Shares of Factorial Energy Inc. (NASDAQ:FAC), a solid-state battery developer, traded lower on Thursday, underperforming the broader market.
• Factorial Energy shares are sliding. Why is FAC stock dropping?
Stellantis Battery Integration
The decline followed news that Factorial integrated its FEST solid-state battery technology into a Dodge Charger Daytona development vehicle as part of a road-testing program with Stellantis NV (NYSE:STLA).
The companies said the milestone marks the first automotive integration of the technology in North America and the first integration of Factorial's solid-state cells into a Stellantis vehicle.
The program aims to validate the battery's performance, safety and reliability under real-world charging and driving conditions.
The battery pack uses a patented mechanical architecture designed by Stellantis to accommodate solid-state cells. Engineers also adapted the pack design and control systems to meet automotive safety and durability requirements.
The move marks a key step for Factorial as it works to commercialize solid-state battery technology.
The company says its FEST cells have demonstrated energy density of 375 Wh/kg, charging from 15% to 90% in 18 minutes, and reliability from -30°C to 45°C.
Nasdaq Debut and Commercialization Plans
Factorial made its Nasdaq debut after completing its SPAC merger with Cartesian Growth Corporation III on June 8.
The deal implied an equity value of about $1.3 billion and raised gross proceeds of more than $100 million to support commercialization.
The Boston-based company is targeting electric vehicles, defense and aerospace, hyperscale data centers, drones, robotics, and e-mobility. Its automotive partnerships include Mercedes-Benz, Stellantis, Hyundai and Kia.
Factorial has also secured a strategic investment from In-Q-Tel and partnered with drone integrators across three continents.
FAC, STLA Price Actions: Factorial Energy shares were down 20.69% at $17.40, and Stellantis was 1.22% up at $6.65 at the time of publication on Thursday, according to Benzinga Pro data.
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