Taiwanese solid-state battery maker ProLogium Technology Co. is considering raising fresh funding at a valuation of about $2 billion to ramp up growth and investments, people familiar with the matter said.
(Bloomberg) — Taiwanese solid-state battery maker ProLogium Technology Co.
is considering raising fresh funding at a valuation of about $2 billion to ramp up growth and investments, people familiar with the matter said.
The electric vehicle battery supplier, whose backers include Mercedes-Benz Group AG and Vietnam’s VinFast, is in talks with potential advisers to raise as much as $300 million, the people said.
The funds would be used for the company’s capital expenditure plans for 2024, one of the people said, asking not to be identified because the matter is private.
ProLogium had previously considered options to go public including merging with a special purpose acquisition company and a traditional initial public offering.
The company is not yet receiving much revenue as it hasn’t started mass production, though it expects to begin as soon as this year, one of the people said.
Deliberations are ongoing and details of the funding such as the size and valuation may change, the people said.
A representative for ProLogium didn’t immediately respond to requests for comment.
In 2021, the company raised $326 million from investors including Primavera Capital and SoftBank Group Corp.’s SB China Venture Capital.
ProLogium, founded in 2006, is one of a handful of companies touting advanced battery technology that is more powerful, durable, faster to charge and safer than traditional lithium-ion cells which are used in many electric vehicles.
It has provided close to 8,000 solid-state battery sample cells to vehicle manufacturers for testing and development, its website shows.
Read More: Mercedes Chips In to the Solid-State Battery Funding Bonanza
(Updates with sample distribution in last paragraph.)
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