Electric vehicle maker VinFast announced Wednesday an investment of tens of millions of U.S. dollars in ProLogium, a global solid-state battery manufacturer.
The Vietnamese EV startup added it has signed a memorandum of understanding with ProLogium setting out strategic cooperation arrangements to secure next-generation solid-state battery supplies and the goal of expanding its smart mobility solutions globally.
Along with the investment in ProLogium, the two sides will become long-term strategic partners. They will have commercial agreements to develop battery pack designs using ProLogium proprietary solid-state battery technology, adhering to strict specifications on the parameters, quality, and safety for VinFast.
Under the strategic arrangements, ProLogium plans to provide solid-state battery cells to VinFast starting in 2024. ProLogium's first solid-state battery plant, slated to launch in early 2023, will use a significant portion of the facility's production capacity to supply VinFast.
In future, ProLogium and VinFast may also establish a joint venture battery factory in Vietnam, according to the Vietnamese EV maker.
VinFast Global CEO Le Thi Thu Thuy said, “ProLogium is one of our key partners, helping us 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.”
Founded in 2017 as a maker of fossil fuel-powered cars, VinFast has gradually shifted to EVs and become the latest core business of Vietnam's largest private conglomerate Vingroup.
In 2021, Vingroup invested more than VND4 trillion (some $174 million) to build the VinES battery factory in Ha Tinh to produce battery packs and cells for VinFast EVs. The conglomerate said Monday it is cooperating with Gotion Inc. to develop its second battery factory in the central province with an investment of VND6.3 trillion (around $274 million).
ProLogium was founded in 2006 and is the world’s first battery company to mass-produce solid-state lithium ceramic batteries. Its gigawatt-hour level solid-state lithium ceramic battery plant will go online in 2023.