Primavera joins $326m round for Taiwan EV supplier

Two other China-focused managers, dGav Capital and SBCVC, also took part in the round. According to AVCJ Research, dGav and SBCVC also provided a Series C round of undisclosed size in 2016. This was followed in 2020 by a $100 million commitment from a Bank of China investment unit and domestic automaker FAW Group.

The new capital will go towards the development of mass production facilities for ProLogium’s solid-state batteries (SSBs), typically used in electric vehicles (EVs). The company wants to expand production capacity in Asia, Europe, and the US between 2023 and 2025. Its website states that more than one million batteries have been delivered to date.

ProLogium claims to be the first player globally to develop, mass-produce, and commercialize solid-state lithium ceramic batteries, using patented manufacturing processes that consume around an eighth of the energy required to produce regular sulfide SSBs. The solid electrolyte is 100% recyclable and can be reused to create a new battery cell.

“Carbon neutrality is central to Primavera Capital's long-term investment strategy and the SSB is a key element of these plans. With better safety and higher energy density, SSBs could be a main driver for the EV industry transition and large-scale commercialization,” Fred Hu, chairman of Primavera, said in a statement.

“ProLogium is an industry innovator with world-leading technologies and a highly experienced management team. The future of mobility will be characterized by net-zero; it will also be more intelligent and safer."

Primavera’s earlier cleantech investment also has a battery angle. It committed $600 million to two subsidiaries of Envision Group, one of which supplies smart batteries for the Nissan Leaf. The private equity firm has previously backed Zhuhai CosMX Battery, which claims to be China’s largest supplier of polymer lithium-ion batteries.

GPs have been active throughout the EV value chain – from batteries to semiconductors to other components – as well as investing in the carmakers. In the past 18 months, battery makers like Svolt Energy Technology and Contemporary Amperex Technology (CATL) have received funding.

China has ranked first globally in production and sales of new energy vehicles (NEVs) for six consecutive years and NEV penetration reached 11.6% in the first nine months of 2021. The goal is to reduce automotive-related carbon emissions by 20% from the peak level by 2035 and have NEVs account for half of all new vehicle sales.

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• Topics
• Greater China
• Cleantech
• Expansion
• Industrials
• Taiwan (China)
• Primavera
• Softbank China Venture Capital
• Growth capital
• Electric Vehicles
• manufacturing