VinFast announced a multimillion-dollar investment in Taiwanese solid-state battery cell manufacturer ProLogium. Under the agreement between the two, ProLogium will supply solid-state battery cells to VinFast starting in 2024.
ProLogium has a high capital requirement for the production of electric vehicle batteries. By October 2021, ProLogium had closed a $326 million financing round that will be used to expand production capacity in Asia, Europe and North America between 2023 and 2025.
January 2022, Mercedes-Benz then takes a stake in ProLogium – for a double-digit million euro value. Meanwhile, in May South Korean steel company Posco invested an undisclosed amount.
ProLogium targets to start mass production of the first solid-state battery cells in early 2023. The plant is designed to produce up to 3 GWh. A “significant portion” of the production of solid-state battery cells will go to VinFast – although exact figures have not been announced.
VinFast and ProLogium are also reviewing the formation of a joint venture for the construction of a solid-state battery plant in Vietnam. Details about the plan were not disclosed. VinFast and ProLogium have concluded their first memorandum of understanding in 2021.
“ProLogium is one of our key partners, helping VinFast quickly master the supply of solid-state batteries while continuing to deliver EV products with advanced battery technology for a more enjoyable and safer driving experience,” says Le Thi Thu Thuy, vice-chairman of Vingroup and CEO of VinFast Global.