30.10.2021 – 01:21
ProLogium Technology, the world’s leading manufacturer of solid-state batteries (SSB), announced the completion of a $ 326 million financing round.
The investment will support the expansion of ProLogium’s activities in supplying OEMs with high performance, safe and affordable batteries for electric vehicles and accelerate the delivery of SSB solutions to ProLogium’s strategic partners in the electric vehicle industry internationally.
New Epoch Capital LP, managed by dGav Capital, Carna Investments Holding Limited, managed by Primavera, and SBCVC Navitas Limited, managed by SBCVC, participated in the financing round. The funds raised will be used to develop mass production equipment for ProLogium SSBs and to implement the company’s plans to expand its plants around the world. In particular, the funds will be used to expand production capacities in Asia, Europe and the USA from 2023 to 2025 in order to serve the local demand of the large OEMs with high-quality batteries for electric vehicles. This will accelerate the delivery of SSB solutions to ProLogium’s strategic EV partners.
Vincent Yang, Founder and CEO of ProLogium, said: “We thank our existing shareholders dGav Capital and SBCVC for their continued investment and our youngest investor Primavera Capital for their support in consolidating our global leadership in the mass production and commercialization of SSBs. The Battery is the heart of an electric vehicle and only SSBs from ProLogium can guarantee their optimal safety and performance. In cooperation with top OEMs worldwide, we will accelerate the market introduction of SSB-powered electric vehicles within 2-3 years. “
For more than 15 years, ProLogium Technology has relied on innovative sustainability in product innovation and design. Its patented manufacturing processes consume around an eighth of the energy required to manufacture a conventional sulfide SSB. The company’s solid electrolyte is 100% recyclable and can be reused to make new battery cells. As ProLogium Technology is the first company to mass-produce ceramic SSBs internationally, expanding the capacity of its smart factory will be the next step to ensure long-term, sustainable growth while meeting the booming market demand for ProLogium’s high-performance, low-cost, and recyclable battery technology to satisfy.
Alejandro Agag, an investor in New Epoch Capital LP, managed by dGav Capital, said: “The search for the next battery technology will be an industrial breakthrough that has the potential to change the world, just like silicon semiconductor. Solid-state technology will bring about that change, and ProLogium will be at the forefront of this amazing revolution. ” Alejandro is also the founder and chairman of Formula E and founder and CEO of Extreme E.
Fred Hu, Chairman of Primavera Capital, said, “We are excited to invest in ProLogium’s latest round of funding and to grow the company. Carbon neutrality is a key element of Primavera Capital’s long-term investment strategy and SSB is a key element of that Plans. With their improved safety and higher energy density, SSBs could be a major driver in the industry’s shift to electric vehicles and large-scale commercialization. ProLogium is an industry innovator with world-leading technology and a highly experienced management team. The future of mobility is about to become characterized by net zero emissions; it will also be smarter and safer. We look forward to working with ProLogium to implement this vision and address the challenges of global climate change. “
Information on ProLogium
ProLogium Technology (PLG) is a leading global provider of high-performance, safe, and affordable battery technologies in automotive, consumer, and industrial applications. ProLogium was founded 15 years ago in Taiwan. The company is the world’s first and to date only manufacturer and marketer of solid-state batteries (SSB) to successfully go into mass production. These batteries are an essential part of the global energy transition to achieve net zero emissions.
For more information on ProLogium, please visit the company’s website: https://prologium.com/
Original content by: ProLogium Technology, transmitted by news aktuell