TAIPEI, Oct. 28, 2021 /PRNewswire/ -- World-leading solid-state battery (SSB) maker ProLogium Technology announced the completion of a US$326 million financing round.
The investment will strengthen and accelerate ProLogium's focus on supplying OEMs for high-performing, safe and affordable EV batteries and accelerate the provision of SSB solutions for ProLogium's EV strategic partners internationally.
dGav Capital managed fund New Epoch Capital LP, Primavera managed fund Carna Investments Holding Limited, and SBCVC managed fund SBCVC Navitas Limited all participated in the round. The funding raised will be invested in the development of mass production facilities for ProLogium SSBs and to implement the company's global plant expansion plans. 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. This will accelerate the provision of SSB solutions for ProLogium's EV strategic partners.
Vincent Yang, ProLogium Founder and CEO, said: "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. The battery is the heart of an EV and only ProLogium SSBs can guarantee their optimum safety and performance. Working with top OEMs worldwide, we will accelerate the time to market for SSB-powered EVs within 2-3 years."
ProLogium Technology has prioritized cutting-edge sustainability for more than 15 years in its product innovation and design. Its patented manufacturing processes consume around an eighth of the energy required to produce a regular sulfide SSB. The company's solid electrolyte is 100% recyclable and can be reused for creating new battery cell. As ProLogium Technology becomes the first to mass produce ceramic SSBs internationally, the expansion of its smart factory capacity will be the next step to ensure long-term sustainable growth while meeting a boom in market demand for ProLogium's high performance, low cost, recyclable battery technology.
Leo Chen, Managing Partner of dGav Capital, said: "We have witnessed the remarkable progress and innovation made by ProLogium in the area of SSBs for EVs, from research and development, the pilot line, and now all the way through to mass production. We are pleased to invest in ProLogium again, and we have tremendous confidence in ProLogium. With the rapid development of EVs and the lack of quality EV batteries in the market, we hope to see ProLogium and its strategic partners lead the growth of EV industry in the next decade. The commercialization of the highly safe, reliable and energy dense SSBs will help the automotive industry further its technological innovations and the electrification transition."
Alejandro Agag, an investor at the dGav Capital managed fund New Epoch Capital LP, said: "Finding the next battery technology will an industry breakthrough with the potential to change the world, just like the silicon semiconductor. Solid state will make that change and ProLogium will be at the front of that 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 pleased to invest in ProLogium's latest round of financing and to see the company grow. Carbon neutrality is central to Primavera Capital's long-term investment strategy and the SSB is a key element of these plans. With better safety and higher energy density, SSBs could be a main driver for the EV industry transition and large-scale commercialization. ProLogium is an industry innovator with world-leading technologies and a highly experienced management team. The future of mobility will be characterized by net zero; it will also be more intelligent and safer. We look forward to working with ProLogium in realizing this vision and meeting the challenges of global climate change."
Chauncey Shey, Managing Partner of SBCVC, said: "SBCVC has been investing in ProLogium Technology since 2012 and has seen ProLogium through its technical advances along the way. Based on its core technologies, ProLogium has made technological breakthroughs in multiple dimensions and reached maturity in its business model. More than ever, we are convinced the company will achieve great success in the EV battery space. ProLogium's innovative core technologies will ensure battery safety and lead the global battery industry revolution."
ProLogium Technology (PLG) is a global leader in high-performing, safe and affordable battery technologies in vehicle, consumer and industry applications. Founded 15 years ago in Taiwan, ProLogium is the world's first company to successfully develop, mass produce, and commercialize the solid-state lithium ceramic battery (SSB) - an essential component in the global energy transition to Net Zero.
For further information about ProLogium, please visit the company website: https://prologium.com/