Taiwan-based lithium battery pack maker ProLogium Technology said Wednesday that it has closed its Series D fundraising round, bagging nearly USD 100 million from investors including Bank of China Group Investment Limited and an investment arm of automaker FAW, 36Kr reported.
New funds will be used on plant construction and solid-state battery commercialization.
On the CES tech show in the United States in January 2020, ProLogium presented its solid-state batteries, which the company believed to be safer than liquid-state batteries. These batteries can be used for electric vehicles and consumer electrics. The company has entered into collaborations with several electric car manufacturers including Nio, Enovate and Aiways, according to electrive.com, an EV-focused news website.
In the Chinese mainland, the company needs to compete with established players including CATL, the world’s largest EV battery maker, which has cemented a supply deal with Tesla in February.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.