EVE Advanced Materials Investment Prologium, Following POSCO Holdings, Successfully Attracts Large-Scale Investment from China's CRFM

[Asia Economy Reporter Jang Hyowon] Prologium Technology (hereinafter Prologium), a Taiwanese solid-state battery company invested by EV Advanced Materials, has attracted industry attention by successfully securing an additional investment of $30 million (approximately 38.7 billion KRW) from the Chinese investment firm CRFM (China Reform Fund Management Co. Ltd). The company’s assets are known to be valued at $65 billion (approximately 84 trillion KRW) and it is actively investing in electric vehicle-related sectors.

According to the financial investment industry on the 14th, Vincent Yang, chairman of Prologium, stated, “We have made significant progress in the commercialization of solid-state batteries through proven technology, mass production capabilities, and quality improvements,” adding, “Our partnership with CRFM will help target the Asian electric vehicle market and accelerate global expansion plans for mass production of solid-state batteries.”

Prologium, established in 2006, is a Taiwanese company developing solid-state batteries. It has provided over 8,000 sample cells to global automakers and is collaborating with Germany’s Daimler Group, Taiwan’s Gogoro, and Vietnam’s VinFast, among others.

Additionally, Prologium has received consecutive investments from EV Advanced Materials, SoftBank China Venture Capital, Germany’s Mercedes-Benz, POSCO Holdings, and CRFM, recognizing its specialized technological capabilities.

The increasing attention on Prologium’s successive fundraising is due to the phenomenon where supply cannot keep up with demand in the global electric vehicle battery market excluding China.

With the anticipated growth of the electric vehicle market and the surge in demand for batteries, a key component, on the 8th, the Federation of Korean Industries announced that the global market share of domestic electric vehicles and lithium-ion batteries decreased by 0.8 percentage points and 2.0 percentage points respectively compared to the previous year.

In response, battery companies are actively investing to secure domestic and international orders by expanding production facilities to increase the supply of electric vehicle batteries.

Prologium is also preparing for a Nasdaq listing. The secured funds are expected to be used for mass production and expansion of solid-state battery output. By the end of next year, it plans to establish a gigawatt-hour (GWh) scale factory near Taipei and commence battery mass production.

An EV Advanced Materials official said, “With investments from POSCO Holdings and CRFM in Prologium, which we were the first domestic investor in, we expect to be one step closer to the commercialization of next-generation solid-state batteries,” adding, “Our company is also devising strategic investments and measures for the development of solid-state battery materials and securing key materials.”

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