On Friday, solid-state battery manufacturer ProLogium Technology Co., Ltd. announced the completion of a new round of financing worth $326 million, with investment from Primavera Capital Group, dGav Capital, and SoftBank China Venture Capital.
The company plans to use the new funds to expand its mass production of solid-state lithium batteries, expand plants in Asia, Europe and the U.S. from 2023 to 2025, and thereby satisfy the demand facing mainstream car factories for local manufacturing and local supply of high-quality power batteries. This will accelerate the provision of solid-state battery solutions for ProLogium’s EV strategic partners.
Founded in 2006, ProLogium is a leading solid-state battery maker, and has developed nearly 500 patented technologies related to oxide solid-state battery. At present, it is a global leader in solid-state battery technology. In 2013, ProLogium successfully commercialized the solid-state lithium battery.
Compared with traditional batteries, the solid-state lithium ceramic battery by ProLogium has higher energy density, is thinner and lighter, and is less likely to explode due to collision. It is suitable for EVs with high safety and high energy density, and its bendable characteristic can also be widely used in various types of electronic products.
According to CVSource, ProLogium has undergone four rounds of financing, with investors including SBCVC, TEDA Venture Capital Corporation Limited and Bank of China Group Investment Limited.
It is worth mentioning that Primavera Capital Group, a new shareholder investing in this round of financing, has made frequent moves in new energy recently. Just a week ago, Primavera Capital made a strategic investment of over $600 million in Envision Energy and Envision AESC Group under Envision Group, a global leading green tech company.
Primavera has invested in Zhuhai CosMX Battery Co., Ltd., China’s largest supplier of polymer lithium-ion batteries, as well as electric vehicle industry leaders such as Xpeng, NIO and shared travel solution provider Hello Inc.