ProLogium Technology Co (輝能科技), a Mercedes-Benz Group AG-backed solid-state battery developer, is weighing an initial public offering (IPO) later this year or next, chief executive officer Vincent Yang (楊思枬) said.
The company is considering listing in the US or Europe, and might also raise funds in a separate round before any IPO, Yang said in an interview.
“We have a very clear plan to go public. We have a clear milestone and goal, and how much money we need to raise,” Yang said, without elaborating.
ProLogium would join a rash of battery makers seeking to unlock value for shareholders via a stock exchange listing. South Korea’s LG Energy Solution raised US$10.7 billion in January, while China Aviation Lithium Battery Co (中航鋰電) is said to be planning a US$1.5 billion debut in Hong Kong. Great Wall Motor Co’s (長城汽車) battery spin-off SVolt Energy Technology (蜂巢能源) has also indicated an interest.
The world’s largest maker of cells for electric vehicles, Contemporary Amperex Technology Co Ltd (新能源科技), listed in 2018 and went on to cement its status by producing mainstream lithium-ion vehicle batteries.
The company is also developing solid-state batteries, widely believed to be safer and more stable than liquid lithium-ion batteries, but is not said to be as advanced as ProLogium in terms of mass production.
Samsung SDI Co is also starting construction of a solid-state battery pilot line, and LG is set to unveil its offering later this decade, signs that more top-tier producers are pursuing the development of new-generation cells, Wood Mackenzie analysts said.
Alternative cell technology is also looking more attractive, as the cost of the raw materials used in lithium-ion batteries soars.
ProLogium, founded in 2006, promotes itself as being the first to make a breakthrough in the years-long quest to take next-generation batteries to a level of maturity that they are ready for mass production.
Its first solid-state battery production line would be complete by the end of the year, ProLogium said.
Yang said a pre-IPO funding round might raise more than the US$326 million ProLogium secured last year from investors, including Primavera Capital Group and SoftBank China Venture Capital.
The money is needed to expand production capacity, he said.
Mercedes-Benz AG and ProLogium unveiled a technology cooperation agreement to develop electric vehicle cells earlier this year.
The German auto giant made a “high double-digit million euro investment” and took a seat on the board, the company said at the time.
Solid-state battery rival California-based QuantumScape Corp has partnered with Volkswagen AG.
“ProLogium is likely to have broken through the technical challenges of deploying lithium metal negative electrodes, and therefore I believe it’s well on its way to mass production,” said Jane Hsu (徐玉娟), a market analyst at Researcher & Research LLC (研究者與研究).
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