ProLogium, a Taiwanese maker of solid-state EV batteries, raises capital

This week, Taiwan’s ProLogium, which describes itself as the first company to develop and commercialize the solid-state lithium ceramic battery (SSB) for EV technology, announced that it has raised $326 million in new financing, including a major stake from Primavera Capital Group, a Beijing-headquartered global investment firm that manages USD and RMB funds tied to China’s economic transition on behalf of institutions, corporations and family offices.

In addition to Primavera, which invested via its managed fund Carna Investments Holding Limited, other participants in the round included China venture capital investor dGav Capital via its managed fund New Epoch Capital LP, and SoftBank China Venture Capital’s managed fund SBCVC Navitas Limited, which has been a backer of ProLogium since 2012. The new capital will be put toward  the development of mass production facilities for ProLogium SSBs, as well as plans to expand its global plants in Asia, Europe and the U.S. from 2023-2025 to meet EV battery demand from the major OEMs.

“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,” ProLogium Founder and CEO Vincent Yang said in announcing the investment round. “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.”

“We are pleased to invest in ProLogium’s latest round of financing and to see the company grow,” Primavera Capital Chairman Fred Hu said in announcing the round. “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.”

ProLogium Technology says its patented manufacturing processes consume around one-eighth of the energy required to produce a regular sulfide SSB. The company’s solid electrolyte is 100 percent recyclable and can be reused for creating new battery cells. Having brought its automated roll-to-roll pilot into production in 2017, ProLogium is now seeking to accelerate the expansion of its solid-state battery technology globally.

“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,” said dGav Capital Managing Partner Leo Chen. “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.”

“Finding the next battery technology will an industry breakthrough with the potential to change the world, just like the silicon semiconductor,” said Alejandro Agag, an investor at dGav Capital’s New Epoch Capital LP. “Solid state will make that change and ProLogium will be at the front of that amazing revolution.”

Earlier this month, Primavera announced a $600 million strategic investment in wind turbine maker Envision Energy and Envision AESC, two subsidiaries of Envision Group, the clean energy technology group with offices in the U.S., U.K., China, Singapore, Germany and Denmark. Primavera has also previously invested in Zhuhai CosMX Battery Co, China’s largest supplier of polymer lithium-ion batteries, as well as in EV makers Xpeng Auto and NIO Auto.