Nexten Subsidiary EV Advanced Materials Invests in All-Solid-State Battery Company 'Prologium'

[Asia Economy Reporter Jang Hyowon] EV Advanced Materials, a KOSDAQ-listed company formerly known as Act, recently acquired by Nexton Bioscience, announced on the 26th that it will invest to acquire shares in ProLogium Technology Co., Ltd, a Taiwanese company recognized as a global leader for developing the world’s first solid-state battery (SSB).

The investment amount from EV Advanced Materials is $8.5 million, and it plans to participate as a liquidity provider (LP) in ProLogium’s Series E round, which is the last funding round before ProLogium’s planned SPAC listing in the United States.

By investing in a globally recognized leader in solid-state battery development, the company aims to closely learn ProLogium’s expertise and market share strategies as a leading solid-state battery company, thereby solidifying its domestic electric vehicle battery business and establishing a strategic business partnership in the future.

ProLogium was established in 2006 and is headquartered in Taiwan. It is the world’s first manufacturer of solid-state batteries (SSB), known for excellent energy density, fast charging, and outstanding safety, and has demonstrated mass production capabilities.

An official from EV Advanced Materials stated, “The most expensive component among EV parts is the battery. This was a necessary decision for the company’s strategy to diversify its electric vehicle business,” adding, “We are establishing a strategy to grow into a leading domestic electric vehicle battery company by acquiring the know-how of a company with world-class technology and production capabilities.”

They continued, “This investment was made under the investment proposal and professional, multifaceted support from NextID Lab, a subsidiary of the largest shareholder Nexton Bioscience.”

Meanwhile, EV Advanced Materials is strengthening its foundation for diversifying its electric vehicle-related business and entering the global market by recently acquiring Sehwa IMC, which possesses tire mold technology.

This content was produced with the assistance of AI translation services.