ProLogium Technology, a solid-state battery (SSB) manufacturer, announced that it has finished its Series D financing led by BOCGI and FAW Group. Prior to this, the firm had been receiving continuous investment from SBCVC and dGav Capital. The new round of financing will be used for construction of its second mass production plant, to create the 1-2GWh line, which it says will accelerate commercialization of solid-state batteries.
“Bringing solid-state battery to market is never an easy task; we appreciate all the support from our investors and customers,” said Vincent Yang, CEO and Founder of ProLogium. “Receiving investment from BOCGI and FAW Group makes us more confident that the results of our effort are valuable and with great advancement. After building several demonstration manufacturing lines and receiving positive feedback from the market and customers, we will proceed with the global expansion of SSB production capability through leveraging local capital or joint venture with local partners.”
Founded in October 2006, ProLogium has spent more than 13 years developing oxide SSB technology, overcoming challenges of mass production. While competitors are still working on material technology in the lab, the company says it is already capable of mass producing SSB and has successfully created a brand new EV pack structure tailor-made for SSB, the MAB (Multi Axis BiPolar) pack, which was recognized with a CES Innovation Award and the Gold of Edison Award.
The company says it announced its MAB pack design before all CTP (cell-to-pack) technology was presented by other Chinese cell corporations. Aiming to increase the efficiency of the battery pack, the company says MAB has advantages over conventional lithium batteries’ CTP technology.
Based on being a safe battery with patented BiPolar technology, the company claims to not only have simplified an MAB pack’s protection mechanism, BMS, and cooling system, but says it has redesigned the battery to put more power into one battery pack. Instead of using wires, the technology connects battery cells in series or parallel directly, stacking electrode layers to create large batteries with high energy. This effectively reduces the number of batteries and connections needed. With this fundamental design change, space utilization can be 60% higher than with the battery cells in Tesla’s Model 3.
This breakthrough can simultaneously eliminate two main problems that EV owners are facing: safety and range anxiety. If powered by an MAB pack, the range can be extended to about 1.6 times (800 km or 497 mi). In addition, a 12-minute recharge can give the EV another 640 km (397 mi), while a 6-minute recharge would provide another 480 km (298 mi).
The company says it has realized commercialization and has supplied customers in the consumer electronic field since 2013, and it is now targeting the automotive market. It has completed several sample SSB EVs with car brands in 2018-2019, and plans to cooperate with automakers in China, Europe, and Japan in EV pack development and sample car building, bringing the SSB EV to market together.
“ProLogium’s progress in technology, product, and business model innovation is impressive,” said Ke Liu, Investment Director of FAW Group. “We expect them to keep improving the capabilities and strategies to accomplish SSB industrialization starting with China's booming electric car market, then providing the world with safer, better performing EV power solution.”
For more information, visit www.prologium.com.