Primavera Capital Invests in Solid-State Battery Maker ProLogium to Further Advance Carbon Neutrality
Beijing, October 29, 2021 – Primavera Capital Group (“Primavera”) announced an investment in ProLogium Technology Co., Ltd. (“ProLogium”), the world’s leading solid-state battery (“SSB”) maker. In the latest round of financing, ProLogium has raised US$326 million from investors that also include dGav Capital and SoftBank China Venture Capital.
The capital will allow ProLogium to expand its mass production of solid lithium batteries in Asia, Europe and the U.S. over the next five years. ProLogium will supply batteries to mainstream automakers in their local markets and will also accelerate the provision of new SSB solutions for its strategic electric vehicle (EV) partners.
This is one of several recent Primavera investments into green or energy-efficient businesses that promote carbon neutrality. On October 21 of this year, Primavera announced a strategic investment of US$600 million in wind turbine maker Envision Energy and Envision AESC, two subsidiaries of Envision Group. Previously, Primavera also invested in Zhuhai CosMX Battery Co, China’s largest supplier of polymer lithium-ion batteries, as well as in EV makers Xpeng Auto and NIO Auto, and shared travel solution provider Hello Inc.
ProLogium is a global leader in SSB innovation and has developed nearly 500 patented technologies for oxide SSBs. Its automated roll to roll pilot production line went into operation in 2017, with at least one million battery cells shipped to various application markets, leading the market in terms of product maturity. The company is accelerating its global expansion and deepening cooperation with mainstream new energy vehicle manufacturers, which will significantly improve the safety and range of its new energy vehicle partners when the production capacity is released.
Dr. Fred Hu, Founder and Chairman of Primavera, commented: “We are delighted to be a new investor and long-term partner to ProLogium. Solid-state batteries have great potential to drive change and mass adoption of EVs due to greater energy density, higher safety, minimal environmental impact and maximum longevity. Prologium fits well with Primavera’s strategy to advance carbon neutrality through active investment decisions.”
“As an industry innovator, ProLogium not only possesses the world’s leading technology but also is led by a sophisticated management team. Foreseeing that future mobility must be zero-emission, smarter and safer, we are happy to join hands with ProLogium to fulfill this vision and contribute to the cause of tackling global climate change,” Dr. Hu added.
Vincent Yang Sinan, Founder and CEO of ProLogium, said: “In recent years, ProLogium has been advancing towards the industrialization of SSBs through R&D, mass production as well as quality improvement. While battery is like the heart of an EV, we firmly believe that our SSB will be a key technology for safer and better-performing EVs. We are grateful for the strong support from our new investor Primavera Capital as well as existing shareholders dGav Capital and Softbank China.”