[Asia Economy Reporter Jang Hyowon] Prologium Technology (hereinafter Prologium), a Taiwanese solid-state battery company invested in by EV Advanced Materials, announced on the 6th that it has secured tens of millions of dollars in investment from Vietnamese automaker VinFast.
Prologium has been proving its technological prowess and production capabilities by announcing consecutive investment rounds, making it a standout promising company among next-generation battery developers.
Participating investors include EV Advanced Materials, SoftBank China Venture Capital, Germany’s Mercedes-Benz, POSCO Holdings, CRFM, and VinFast. Prologium is aggressively expanding solid-state battery development and production scale with the secured funds, challenging battery supremacy.
A domestic investment industry insider said, “The attention of major domestic and international corporations is focused on Prologium,” adding, “When the commercialization of solid-state batteries arrives, Prologium is expected to become the ‘Apple’ of the solid-state battery market, and the future value of the companies that invested is cautiously predicted to rise accordingly.”
Along with securing this investment, Prologium signed a memorandum of understanding (MOU) and a strategic cooperation agreement with VinFast regarding the supply of solid-state batteries for electric vehicles, drawing further attention. According to the agreement, Prologium plans to supply solid-state battery cells to VinFast starting in 2024 to support its next-generation electric vehicle lineup. The volume will be produced through a 3GWh solid-state battery factory scheduled to begin operation early next year.
The two companies are also considering establishing a joint battery factory in Vietnam for battery production. This is known to be an extension of the MOU signed in March last year between the two parties for the establishment of a joint venture and commercialization of solid-state batteries.
Recently, VinFast announced through foreign media that it plans to start construction of its second battery pack factory for electric vehicles in Ha Tinh Province in the north-central region in the fourth quarter, with plans to expand to an annual capacity of one million units. Prologium, which has maintained a close cooperative relationship, is also gaining attention, and their collaboration is expected to accelerate the mass production timeline of next-generation batteries.
Letitu Tuy, VinFast Global CEO, stated, “Solid-state batteries have higher energy density, shorter charging times, and lower risks of explosion or fire compared to lithium-ion batteries, making them safe next-generation electric vehicle batteries,” adding, “Through cooperation with Prologium, a leading solid-state battery company, we can now reliably supply solid-state batteries to be installed in future VinFast electric vehicles.”
Meanwhile, Prologium, established in 2006 as a Taiwanese solid-state battery developer, is actively pursuing solid-state battery development not only through aggressive investment attraction but also through collaboration with prominent global companies. To date, it has provided over 8,000 sample cells to global automakers and is exploring supply chain expansion strategies targeting the global market by cooperating with the German Daimler Group and Taiwanese Gogoro, known as the ‘Tesla of scooters.’
With ongoing active research and development, strategic partnerships, and steady investment attraction, Prologium aims to increase its corporate value and target a Nasdaq listing within this year.
In the domestic battery manufacturing industry, EV Advanced Materials is gaining attention. It was the first in Korea to invest in Prologium’s Series E preferred stock subscription and had already expressed willingness to cooperate in the solid-state battery business before Prologium became known domestically, making it a notable related company.
Meanwhile, EV Advanced Materials is strengthening cooperation with related companies by investing not only in Prologium but also in Lithium Plus, a secondary battery material manufacturing company, to advance as an electric vehicle battery development company.
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