Factorial Energy, a solid-state battery company that grew from Cornell University research and entrepreneurship programs, began trading on the Nasdaq on June 8 after a merger that valued the business at about $1.3 billion.
The company was founded from Lionano in 2013 by Cornell alumni Siyu Huang and Alex Yu with chemistry professor Hector Abruna, who sought to move battery research from the laboratory into commercial production.
Huang said the venture was shaped by a Cornell course on commercializing technology taught by Wesley Sine and Jonathan Greene. The company later changed its name to Factorial Energy in 2021 and developed partnerships with Mercedes-Benz, Stellantis, Kia and Hyundai.
Factorial is developing solid-state batteries that replace the liquid electrolyte used in conventional lithium-ion batteries with a solid material. The approach is intended to improve energy density and safety, though large-scale manufacturing remains a central challenge for the industry.
The company's technology powered a modified Mercedes EQS that traveled 749 miles from Stuttgart, Germany, to Malmo, Sweden, on a single charge, according to Cornell's account. Factorial also began North American road testing with Stellantis in June.
The public-market transaction generated more than $100 million in gross proceeds, which the company plans to use to advance battery applications in electric transportation, aerospace, defense and data centers.
Huang earned a doctorate from Cornell in 2012 and a business degree in 2014, while Yu earned a doctorate in 2014. Abruna remains a Cornell professor and has worked extensively on electrochemistry and energy storage.
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