VinFast invests in solid-state battery specialist ProLogium
The Vietnamese electric car manufacturer VinFast has invested millions in the Taiwanese solid-state battery cell manufacturer ProLogium. In addition, ProLogium is to supply solid-state battery cells to VinFast from 2024.
The investment is “in the tens of millions of US dollars”, although the exact sum remains unclear. Additionally, the investment is not being made by VinFast directly, but by another Vingroup company.
It is clear is that ProLogium has a high capital requirement: In October 2021, the company had closed a financing round of $326 million – the capital was to be used to expand production capacities in Asia, Europe and the USA between 2023 and 2025. In January 2022, Mercedes-Benz then took a stake in ProLogium – with a high double-digit million euro amount. This was followed in May by an investment of an undisclosed amount from the South Korean steel company Posco.
ProLogium plans to start up its first commercial production plant for solid-state battery cells in early 2023. The plant is designed to produce up to 3 GWh. “A significant portion” of this production capacity is to go to VinFast – the announcement does not put exact figures on the scope of supply.
In addition, both sides are examining the establishment of a joint venture for the construction of a factory for solid-state batteries in Vietnam. Details on this, such as a rough timetable or the targeted production capacities, are not yet mentioned. VinFast and ProLogium had already concluded their first memorandum of understanding in 2021.
VinFast states that the partnership with ProLogium is “an essential part” of its own battery strategy. “ProLogium is one of our key partners, helping VinFast quickly master the supply of solid-state batteries while continuing to deliver EV products with advanced battery technology for a more enjoyable and safer driving experience,” says Le Thi Thu Thuy, vice-chairman of Vingroup and CEO of VinFast Global.
Info via email, prnewswire.co.uk
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