IQT, the not-for-profit strategic investor for the U.S. national security community and America’s allies, joins Philenergy and POSCO Future M, two key battery supply chain partners. Together, they reinforce Factorial’s development of a resilient battery ecosystem aligned with trusted allies and secure supply chains.

Factorial Inc. ("Factorial"), a leader in solid-state battery technology, and Cartesian Growth Corporation III ("Cartesian III") announced that Factorial has received strategic investments from IQT, Philenergy, and POSCO Future M. This funding accelerates Factorial's expansion in high-growth sectors, including drones and mobile robotics.

IQT, the not-for-profit strategic investor for the U.S. national security community and America's allies, joins Philenergy and POSCO Future M, two key battery supply chain partners. Together, they reinforce Factorial's development of a resilient battery ecosystem aligned with trusted allies and secure supply chains.

"Energy performance is becoming a major limiting factor in mobility and intelligent systems," said Siyu Huang, CEO of Factorial. "From unmanned aerial vehicles ("UAVs") to robotics, incremental improvements are no longer sufficient. Support from IQT, Philenergy, and POSCO Future M accelerates our growth, particularly in the strategic drone segment."

This investment underscores the critical role of Factorial in bolstering U.S. supply chain resilience and global competitiveness. Factorial's solid-state batteries deliver high energy density and lightweight performance that dramatically extend operational range in demanding environments. This performance profile positions the Company's technology as a preferred alternative to conventional lithium-ion solutions where range, weight, and thermal performance are critical.

"The ability of Factorial's solid-state batteries to deliver high power and operate in low temperature environments makes them very attractive for use in high-altitude or high-latitude applications," said Brian Smith, Senior Partner at IQT. "We are delighted to be able to help the company accelerate and expand its footprint into the drone, UAV, and mobile robotics market."

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 use for energy and power 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 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.

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