Taiwanese Battery Maker ProLogium Is Said to Weigh SPAC Deal

(Bloomberg) — ProLogium Technology Co., the Taiwanese solid-state battery maker, is considering going public later this year, people with knowledge of the matter said.

The company is holding talks with potential advisers about options including listing in the U.S. through a merger with a special purpose acquisition company, according to the people, who asked not to be identified because the information is private. While discussions are at an early stage, any deal could give ProLogium a multibillion-dollar valuation, the people said.

ProLogium’s lithium ceramic batteries are thinner and lighter than conventional battery packs and are seen as safer for use in electric vehicles because they have a lower risk of exploding upon impact, according to its website. The company formed a joint venture in March with Vietnamese conglomerate Vingroup JSC to produce solid-state batteries in the Southeast Asian manufacturing hub. ProLogium launched a Singapore subsidiary, ProLogium Innovation, last year.

State-owned automaker China FAW Group Co. and an arm of Bank of China Ltd. invested in ProLogium last year, data compiled by Bloomberg show. ProLogium hasn’t made any final decisions, and the company could decide to stay private for longer, the people said. A representative for ProLogium didn’t immediately respond to emailed queries.

Several other battery startups have gone public as they prepare for soaring demand from the electrification of the car industry. QuantumScape Corp., the technology developer that’s partnering with Volkswagen AG on advanced batteries, listed in New York last year by merging with a blank-check company and is now valued at $15.6 billion.

Norwegian battery manufacturer Freyr AS agreed in January to merge with blank-check firm Alussa Energy Acquisition Corp. In February, Houston-based Microvast Inc. announced plans to go public through a deal with Tuscan Holdings Corp.

(Updated with additional context in third paragraph.)

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