The Taiwanese solid-state battery cell manufacturer ProLogium has closed a financing round of $326 million.
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 rounds.
“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 is planning to accelerate the market introduction of solid-state battery-powered electric vehicles within the next two to three years.
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”.