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.