Taiwanese solid-state battery maker ProLogium Know-how is contemplating elevating contemporary funding at a valuation of about $2 billion to ramp up progress and investments, folks conversant in the matter mentioned.
The electrical-vehicle battery provider, whose backers embrace Mercedes-Benz and Vietnam’s VinFast, is in talks with potential advisers to boost as a lot as $300 million, the folks mentioned.
The funds could be used for the corporate’s capital expenditure plans for 2024, one of many folks mentioned, asking to not be recognized as a result of the matter is personal.
ProLogium had beforehand thought of choices to go public together with merging with a particular function acquisition firm and a standard preliminary public providing.
The corporate just isn’t but receiving a lot income because it has not began mass manufacturing, although it expects to start as quickly as this 12 months, one of many folks mentioned.
Deliberations are ongoing and particulars of the funding akin to the scale and valuation might change, the folks mentioned. A consultant for ProLogium didn’t instantly reply to requests for remark.
In 2021, the corporate raised $326 million from traders together with Primavera Capital and SoftBank Group’s SB China Enterprise Capital.
ProLogium, based in 2006, is one in every of a handful of firms touting superior solid-state battery know-how that’s extra highly effective, sturdy, sooner to cost and safer than conventional lithium ion cells that are utilized in many electrical autos.
Seperately, French President Emmanuel Macron is ready to announce on Friday that the provider will construct a battery “gigafactory” in northern France, enterprise day by day Les Echos reported on Tuesday.
The newspaper mentioned the gigafactory in Dunkirk would contain an funding of 4 billion euros ($4.4 billion) and create 3,000 jobs over time. It mentioned Macron would journey to Dunkirk on Friday.
Reuters contributed to this report