Taiwan-based advanced battery producer ProLogium Technology has secured $100m in a series D round that included automotive manufacturer FAW Group, according to China Money Network.
FAW was joined by BOCG Investment, the venture capital arm of financial services firm Bank of China.
Founded in 2006, ProLogium produces solid-state lithium ceramic batteries it claims are safer, more stable, less flammable and compressible than lithium-ion batteries.
The batteries can be used in electric vehicles travelling across land, sea and air, in addition to home and microgrid energy storage systems and consumer products such as portable or wearable internet-of-things devices.
The company has commercial agreements in place with customers including electric car manufacturers Nio, Enovate and Aiways, all of which were signed over the course of 2019.
ProLogium has not revealed firm details of its previous funding, but its earlier investors include SBCVC, a China-based corporate venturing vehicle for internet and telecommunications group SoftBank, and VC firm dGav Capital, according to China Money Network.
