$326m for solid state battery plants
The $326m round for ProLogium Technology will be used to develop mass production facilities for ProLogium SSBs in Asia, Europe and the US between 2023 and 2025 to supply the local demands of the major OEMs with sulfide-based EV batteries.
The backing comes from Chinese funds New Epoch Capital, Primavera managed fund Carna Investments and SBCVC managed fund SBCVC Navitas.
ProLogium’s patented manufacturing processes consume around an eighth of the energy required to produce a regular sulfide SSB. The solid electrolyte is recyclable and can be reused for creating new battery cell.s
ProLogium Technology aims to become the first to mass produce ceramic SSBs internationally using smart factory technology, although Blue Solutions in France is in production and many other companies are ramping up production.
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ProLogium currently has deals with car makers Nio on China and VinFast in Vietnam for vehicles that will be sold in Europe.
“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,” said Vincent Yang, ProLogium Founder and CEO
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.”
Primavera last month invest US$600m in battery maker Envision AESC, which is building a gigafactory in the UK, and in Zhuhai CosMX Battery, China’s largest supplier of polymer lithium-ion batteries, as well as in Chinese car makers Xpeng and Nion.
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.”
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