ProLogium Technology secures $326 million to expand global EV battery production capability

prologium secures 326m in latest round of funding

Taiwan-based ProLogium Technologies secures $326 million funding to expand its global solid-state lithium-ion battery production capacity.

Taiwanese ProLogium Technology has raised a total of $326 million in its newest funding round SoftBank China Venture Capital, Primavera Capital Group, and others, which likely valued the company at $2-$3 billion.

In a statement released by the world-leading solid-state battery maker, ProLogium plans to use the capital to expand its production capacity of solid-state lithium batteries in Europe, the United States, and Asia between 2023 and 2025.

Solid-state batteries are a game-changer for electric vehicles (EVs) by charging faster, storing more energy, and offering greater safety than liquid lithium-ion batteries, thereby helping accelerate the shift away from fossil fuel-powered cars. The company’s solid electrolyte is 100% recyclable and reused to create new battery cells as ProLogium Technology becomes the first to mass-produce Solid-state ceramic batteries internationally. The expansion of ProLogium’s innovative factory capacity will be the next step to ensure long-term sustainable growth while meeting a boom in market demand for ProLogium’s low-cost, recyclable, and high-performance battery technology.

The battery maker is yet to deliver any battery product to automakers. The company has signed strategic co-operation agreements with Chinese EV makers Nio and Enovate.