Posco Holdings invests in Taiwanese ProLogium Technology
The size of the investment has not been disclosed, though it is estimated to be about $50 million, according to local reports.
The two companies signed an agreement Thursday promising a joint development of cathodes and anodes that are needed for solid-state batteries.
Instead of the liquid electrolytes deployed in lithium-ion batteries, solid-state batteries use solid electrolytes, enhancing their stability and safety. Liquid electrolytes are often blamed for fires in electric vehicles (EVs) that run on lithium-ion batteries.
Established in 2006, ProLogium is a Taoyuan, Taiwan-based battery maker that focuses on solid-state battery research, development, and manufacturing, that provides next-generation battery solutions for EVs.
ProLogium first developed solid-state batteries in 2012 and has been selling them to electric companies that make small-sized devices such as smart watches. It is currently working with various large automakers like Germany's Daimler AG to develop solid-state batteries for EVs. Daimler AG owns Mercedes-Benz.
"Posco Holdings is an ideal partner for a battery manufacturer like ourselves, as it possesses leading relevant raw material sourcing capabilities, as well as cathode and anode manufacturing capabilities," Vincent Yang, chairman of ProLogium Technology said. "With the rising demand for batteries for electric vehicles around the world, secured supply of high-performance cathode and anode materials has become critical for battery companies. The collaboration will enhance both firms' leading position in the global battery value chain."
Earlier in the year, Posco established a joint venture called Posco JK Solid Solution with Jeong Kwang, a domestic solid electrolyte material manufacturer, to build a solid electrolyte factory in Yangsan, South Gyeongsang. Ground was broken in March and the construction is expected to be completed in the second half of 2022, with around 24 tons of annual production capacity.
BY SARAH CHEA [firstname.lastname@example.org]