Primavera Invests in Solid-State Battery Maker ProLogium
Primavera Capital Group announced an investment in ProLogium Technology Co., Ltd. In the latest round of financing, ProLogium has raised US$326 million from investors that also include dGav Capital and SoftBank China Venture Capital.
October 29, 2021. By News Bureau
The capital will allow ProLogium to expand its mass production of solid lithium batteries in Asia, Europe and the U.S. over the next five years. ProLogium will supply batteries to mainstream automakers in their local markets and will also accelerate the provision of new SSB solutions for its strategic electric vehicle (EV) partners.
This is one of several recent Primavera investments into green or energy-efficient businesses that promote carbon neutrality. On October 21 of this year, Primavera announced a strategic investment of US$600 million in wind turbine maker Envision Energy and Envision AESC, two subsidiaries of Envision Group. Previously, Primavera also invested in Zhuhai CosMX Battery Co, China's largest supplier of polymer lithium-ion batteries, as well as in EV makers Xpeng Auto and NIO Auto, and shared travel solution provider Hello Inc.
Dr. Fred Hu, Founder and Chairman of Primavera, commented: "We are delighted to be a new investor and long-term partner to ProLogium. Solid-state batteries have great potential to drive change and mass adoption of EVs due to greater energy density, higher safety, minimal environmental impact and maximum longevity. ProLogium fits well with Primavera's strategy to advance carbon neutrality through active investment decisions."
Vincent Yang Sinan, Founder and CEO of ProLogium, said: "In recent years, ProLogium has been advancing towards the industrialization of SSBs through R&D, mass production as well as quality improvement. While battery is like the heart of an EV, we firmly believe that our SSB will be the key technology for safer and better-performing EVs. We are grateful for the strong support from our new investor Primavera Capital as well as existing shareholders dGav Capital and Softbank China."
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