Taiwanese battery maker ProLogium likely valued at $2-3b in new funding round

Photo: ProLogium's LinkedIn page

Taiwan’s ProLogium Technology Co has raised a total of $326 million in its latest funding round from Primavera Capital Group, SoftBank China Venture Capital and others, that likely valued the solid-state lithium battery maker at $2-$3 billion.

The company plans to use the capital to expand its mass production of solid-state lithium batteries in Asia, Europe and the United States between 2023 and 2025, it said in a statement on Friday.

Solid-state batteries could be game changer for EVs by storing more energy, charging faster and offering greater safety than liquid lithium-ion batteries, helping accelerate the shift away from fossil fuel-powered cars.

ProLogium aims to go public in the United States earliest by next year, two people with direct knowledge told Reuters, adding that the company was valued at $2 billion to $3 billion after the latest round of fundraising.

ProLogium didn’t immediately respond to a request for comment.

The battery maker, which is yet to deliver any battery product to automakers, has signed strategic cooperation agreements with Chinese EV makers Nio and Enovate, according to the company’s website.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.