Battery Unicorn ProLogium Gets $326 Million as EV Race Heats Up
(Bloomberg) -- Taiwanese battery maker ProLogium Technology Co. raised $326 million in its latest funding round, as venture capital firms flock to startups benefiting from the global electric vehicle boom.
The investment was joined by dGav Capital, Primavera Capital Group and SB China Venture Capital, the company said on Friday. Taipei-based ProLogium plans to use the fresh funding to boost its production capacity in Asia, Europe and the U.S.
Major automakers around the world are increasingly pivoting to greener cars, fueling a race to master next-generation battery technology. In China, EV sales jumped almost 10% last year, despite the pandemic-induced disruptions, and battery-run vehicles are expected to account for about one-fifth of new car sales by 2025.
ProLogium, whose other backers include China FAW Group Co. and a Bank of China Ltd. unit, was valued at more than $1 billion before the most-recent funding, according to one person with knowledge of the matter. A representative for the company declined to comment on the valuation. The startup is considering going public and has held talks with potential advisers about options including listing in the U.S. through a merger with a special purpose acquisition company, Bloomberg News reported earlier this year.
Founded in 2006, ProLogium started out as a battery supplier to consumer electronics firms before expanding its offering to electric-car makers. It specializes in so-called lithium solid-state batteries, an innovation that promises to deliver more power while shortening recharging times.
However, competition in the space is fierce. South Korea’s Samsung SDI Co., Silicon Valley-based QuantumScape Corp. and Japanese auto giant Toyota Motor Corp. are among companies that have stepped up efforts to develop solid-state batteries.
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