Case StudyIdea to IPO: Supporting Factorial Energy from stealth to public markets

Before Factorial Energy became a publicly traded battery technology company, it was an ambitious start-up with breakthrough technology and big ambitions.

Wenham Carter partnered with the business from its earliest stages, building the leadership team as the company grew from stealth mode to commercial manufacturing and the public markets.

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Business contextTaking breakthrough battery technology from idea to industry

Factorial Energy is developing next-generation solid-state battery technology designed to improve the performance, safety, and range of electric vehicles.

Before the business became widely recognised, Factorial was focused on proving its technology, attracting investment, and assembling the leadership team needed to scale from research into manufacturing.

Since then, the company has grown into one of the most recognised businesses in solid-state batteries, establishing partnerships with global automotive manufacturers including Mercedes-Benz, Stellantis, Hyundai and Kia.

The Growth ChallengeBuilding leadership for a company still proving its future

Building a leadership team at this stage required an unusual combination of technical understanding, operational experience and belief in what the company could become.
Factorial needed leaders who understood advanced battery technology and could help turn it into a commercially scalable manufacturing business.
At the same time, it was still an emerging name, so attracting established executives meant engaging people who could see the potential in both the technology and the long-term vision.

The company needed leaders who believed in both the technology and the long-term vision.

Our ApproachSupporting the business before large-scale hiring began

Wenham Carter began the relationship proactively, introducing carefully selected leaders whose backgrounds aligned with the company’s ambitions before a formal hiring programme was established.

As the business grew, we supported the appointment of the majority of its executive leadership team before expanding our work into manufacturing leadership as the business moved from technology development towards commercial production.

The requirements changed as the company changed. Our role was to stay close enough to the business and the market to understand what capability Factorial would need next, and continue introducing the people who could help provide it.

Business OutcomeLeadership that grew with the business

The leadership team established during Factorial’s early growth helped create the organisational capability required to scale the business from stealth mode towards commercial manufacturing.

Many of those leaders remain with the company today, providing continuity as Factorial has expanded its manufacturing capability, developed relationships with some of the world’s largest automotive manufacturers and progressed the commercialisation of its solid-state battery technology.

On 8 June 2026, Factorial entered the public markets following its business combination with Cartesian Growth Corporation III. The company began trading on Nasdaq under the ticker FAC, with the transaction implying an equity value of approximately $1.3 billion.
What began with proactive introductions to an early-stage battery company has developed into a long-term partnership spanning the journey from stealth, through manufacturing scale-up, to public markets.

From stealth to a $1.3 billion public company, the partnership has evolved alongside Factorial at every stage of its journey.

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