EV Advanced Materials Completes Acquisition of Prologium Series E Stake
[Asia Economy Reporter Jang Hyowon] EV Advanced Materials announced on the 30th that it has completed the subscription of Series E preferred shares invested to acquire equity in the solid-state battery development company Taiwan ProLogium Technology Co., LTD. (hereinafter ProLogium).
The Series E shares acquired by the company were part of ProLogium's funding series before its U.S. SPAC listing, participated as an LP (Limited Partner), amounting to USD 8.5 million, approximately KRW 9.8 billion.
ProLogium was established in 2006 and is headquartered in Taiwan. It is the world's first solid-state battery (SSB) manufacturer, recognized for excellent energy density, fast charging, and outstanding safety, aiming to establish mass production facilities in the fourth quarter of 2022.
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An EV Advanced Materials official stated, “Amid fierce funding competition, we were the only domestic company granted the investment opportunity and succeeded in investing in ProLogium's Series E shares,” adding, “We will strive to achieve collaboration with the leading solid-state battery company beyond mere investment returns.”
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