02 Aug 2022
Taiwanese Battery Maker gets millions in Investment from VinFast
Vietnamese company VinFast has announced an investment in the tens of millions of US dollars in the Taiwanese-owned ProLogium of next-gen solid-state battery cells. This investment comes after VinFast set up a joint venture with ProLogium just last year.
The company also entered into an Agreement of Understanding with ProLogium in which strategic cooperation arrangements to secure battery supplies were laid out. This deal was made to support the goal of expanding its smart mobility solutions worldwide.
Using ProLogium’s proprietary solid-state battery technology, the pair will enter into commercial agreements to develop battery pack designs. The collaboration will be “adhering to strict specifications on the parameters, quality, and safety for VinFast.”
The agreement states that ProLogium will be providing solid-state battery cells to VinFast starting from 2024. Just in time for the automaker’s next-generation lineup.
ProLogium’s first major solid-state battery plant – scheduled for launch in early 2023 – will be devoted to supply VinFast. The facility will have a total annual output of 3 GWh of power at full capacity. This is enough to power 30,000 EVs with 100kWh batteries.
Le Thi Thu Thuy, Vice Chairwoman of the Vingroup, announced that "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."
Moreover, Vincent Yang, CEO and Chairman of ProLogium proclaimed that "ProLogium and VinFast will together unveil smart electric vehicles powered by our market leading next-generation solid-state battery technologies."