SoftBank’s SBCVC unit re-upped its commitment to the SSB developer, after fellow corporate FAW Group participated in a $100m series D round 18 months ago.
Taiwan-based electric vehicle (EV) battery developer ProLogium Technology raised $326m yesterday from investors including SBCVC, a regional corporate venturing unit for internet and telecommunications group SoftBank.
Venture capital firm dGav Capital’s New Epoch Capital subsidiary and investment firm Primavera Capital Group’s Carna Investments fund filled out the participants in the round while SBCVC invested through its SBCVC Navitas unit.
Founded in 2006, ProLogium manufactures solid-state batteries (SSBs) for use in EVs, drones and unmanned ground vehicles. It claims its SSB products are safer and more sustainable than their traditional lithium-ion counterparts.
The company will use the cash to build mass production sites globally, partnering original equipment manufacturers based across Asia, Europe and the United States between 2023 and 2025.
Carmaker FAW Group backed ProLogium’s $100m series D round in April 2020, investing together with BOCG Investment, a venture capital vehicle for financial services provider Bank of China. SBCVC and dGav Capital are among ProLogium’s early backers but it has not disclosed details of earlier financing.
Chauncey Shey, managing partner for SBCVC, said: “SBCVC has been investing in ProLogium Technology since 2012 and has seen ProLogium through its technical advances along the way.
“Based on its core technologies, ProLogium has made technological breakthroughs in multiple dimensions and reached maturity in its business model. More than ever, we are convinced the company will achieve great success in the EV battery space.”