ProLogium closes financing round with $326 million
The Taiwanese solid-state battery cell manufacturer ProLogium has closed a financing round of 326 million US dollars. ProLogium plans to invest the capital to expand its production capacities in Asia, Europe and the USA between 2023 and 2025.
New Epoch Capital, SBCVC Navitas Limited and Carna Investments Holding Limited participated in the financing round, which brought the equivalent of 279 million euros into ProLogium’s coffers. The first two investors were already part of the solid-state battery specialist’s investor base. “We thank our existing shareholders dGav Capital and SBCVC for their continued investment, and our latest investor Primavera Capital for their support to solidify our global market lead in the mass production and commercialization of SSBs,” said Vincent Yang, founder and CEO of ProLogium. Working with leading OEMs worldwide, ProLogium will accelerate the market introduction of solid-state battery-powered electric vehicles within the next two to three years.
Specifically, ProLogium plans to pump the funds raised into the development of mass production facilities for its proprietary battery technology and the implementation of expansion plans for existing plants. “The funds will be deployed to expand production capacity in Asia, Europe and the US between 2023 and 2025 to supply the local demands of the major OEMs with high-quality EV batteries,” the Taiwanese company says.
Founded 15 years ago in Taiwan, ProLogium focuses on lithium ceramic solid-state batteries (SSBs), which the company has sold mainly to customers “in industries such as 3C electronics, industrial, medical and IoT”. When ProLogium’s so-called MAB (Multi-Axis Bipolar+) assembly technology for solid-state battery packs was unveiled at the beginning of 2020, the Taiwanese then reported having “signed several strategic cooperation agreements with various car manufacturers”.
VinFast has been publicised as a partner and customer since spring. In 2019, the company also announced a joint development with Chinese electric car startup Nio. However, Nio itself has undergone extensive restructuring in recent months – the current status of the solid-state battery project at Nio is not known.