Taiwan battery maker ProLogium symptoms expense deal with Mercedes-Benz

The Mercedes-Benz brand is found on a car or truck in front of the Mercedes-Benz Museum in Stuttgart, Germany February 11, 2020. REUTERS/Andreas Gebert

SHANGHAI, Jan 27 (Reuters) – Taiwanese battery maker ProLogium Know-how Co on Thursday said it has signed a cooperation settlement with Daimler AG’s (DAIGn.DE) Mercedes-Benz to construct examination cars geared up with co-developed strong-state batteries in the coming several years.

ProLogium in a assertion said it will acquire “large double-digit” million euros in investment decision from the German luxurious vehicle maker which will also take a seat on ProLogium’s board.

The battery maker explained it will use the financial investment for battery technological innovation development and to enable build generation capacity in Europe.

The associates also agreed on milestones involving the use of good-point out battery technological know-how in a range of passenger autos in the 2nd 50 % of the 10 years, ProLogium stated, without the need of elaborating.

“Strong-state technological innovation aids to reduce down battery measurement and excess weight,” Markus Shafer, chief technological innovation officer at the German automaker, said in the statement. “This is why we are partnering with businesses like ProLogium.”

Solid-condition batteries use skinny layers of stable electrolytes, which carry lithium ions between electrodes. They are noticed as a probable match changer for electrical vehicles (EVs) as they can retailer extra strength, charge speedier and give better security than lithium-ion batteries that count on liquid electrolytes.

ProLogium has become the most up-to-date battery maker to staff up with Mercedes-Benz, as the German automaker is effective to make all of its vehicles all-electrical by 2030 and capture up with EV leader Tesla Inc (TSLA.O). Other Mercedes-Benz battery partners contain Factorial Power, Automotive Cells Co and Farasis Power. examine much more

The latest tie-up arrives as EV-sector companies contend to develop subsequent-generation batteries to cut expenditures and lower “assortment anxiety”.

Chinese EV maker NIO Inc (NIO.N) very last January claimed it would produce its ET7 sedan geared up with a 150-kilowatt-hour battery pack featuring stable-state cells from the fourth quarter of 2022.

ProLogium explained it aims to accelerate advancement of a new plant by the conclusion of 2022 to move towards mass output of its stable-condition battery.

In October, the battery maker raised $326 million in its most current funding spherical from traders together with Primavera Capital Group and SoftBank China Enterprise Cash. browse extra

Reporting by Zhang Yan and Brenda Goh Enhancing by Christopher Cushing

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