- POSCO Holdings will work with ProLogium to develop materials with the intention of supplying ProLogium for the production of its next-generation solid-state batteries
- POSCO Holdings will also invest a double-digit US$1 million in ProLogium (the placement”)
- Combining POSCO Holdings’ strong capabilities in battery material manufacturing and access to raw materials, this collaboration reinforces ProLogium’s plan to bring its solid-state battery technology to mass production by the end from 2022
Seoul, South Korea, May 13, 2022 /PRNewswire/ — POSCO Holdings, in line with its plan to transform itself into an environmentally responsible materials company of the future, today announced that it has entered into an agreement with ProLogium (the “Company”), a world’s leading next generation solid state battery manufacturer, to support ProLogium in the development and supply of cathode, anode and solid electrolyte materials required to produce ProLogium’s next generation solid state batteries .
Under this agreement, POSCO Holdings will invest in ProLogium and become a long-term strategic partner of the Company. The two parties will work together to develop and manufacture anode, cathode and solid electrolyte materials that meet ProLogium’s specifications for its proprietary solid state battery technology. ProLogium and POSCO Holdings aim to enter into a preferred supply agreement following successful material development. Such an arrangement will provide POSCO Holdings with direct access to the highly attractive solid-state battery market and in turn will enhance security of supply for ProLogium and its customers.
“POSCO Holdings will continue to expand its portfolio of secondary batteries and strengthen its competitiveness in next-generation materials through cooperation with innovative companies such as ProLogium,” said Mr. Kyungsub Lee, Director of LiB Materials Business of POSCO. Holdings.
POSCO Holdings Inc. and JK, a Korean manufacturer of solid electrolyte materials, established a joint venture called POSCO JK Solid Solution (the “JV”) in February this year and have been preparing for construction ever since. The JV plans to start production of solid electrolytes from the second half of this year. Additionally, POSCO Chemical, a subsidiary of POSCO Holdings responsible for manufacturing battery materials, announced plans to form a joint venture in North America with a global automaker to establish a supply chain for key battery materials in North America.
“The collaboration we are announcing today will strengthen both companies’ leadership position in the global battery value chain,” said Mr. Vincent Yangsaid the Chief Executive Officer and President of ProLogium Technology. “With the growing demand for electric vehicle batteries worldwide, the secure supply of high-performance cathode and anode materials has become essential for battery companies. POSCO Holdings is an ideal partner for a battery manufacturer like ours, as POSCO Holdings has relevant leadership raw material sourcing capabilities, as well as cathode and anode manufacturing capabilities.We believe that our collaboration with POSCO Holdings will contribute to the successful start of our mass production plant. by the end of 2022, and will provide us with reliable access to battery materials, including upstream raw materials, and ensure security of supply for our production in the future.”
Earlier this year, Mercedes-Benz, the world’s leading luxury car maker, signed a technology cooperation agreement with ProLogium to develop next-generation battery cells. Additionally, in early March, Gogoro, the world’s leading provider of power exchange and electric scooter services, announced the partnership with ProLogium to jointly develop technology for integrating solid-state batteries into Gogoro’s scooters. , making it the world’s first solid-state battery. battery exchange prototype for two wheels.
UBS AG acted as financial advisor to ProLogium in its private placement financing with POSCO Holdings.
ABOUT POSCO Holdings
POSCO is the world’s first steelmaker established in 1968. In 2022, the POSCO Group transitioned to a holding company structure in order to thrive in a rapidly changing business environment and lay the foundation for sustainable and innovative growth. With the transition, POSCO Holdings aims to continue to expand and drive growth in its core businesses. In addition, the holding structure will allow the POSCO group to rationalize its decision-making process and enhance the expertise of each business. POSCO Holdings’ core businesses are: ① steel, ② secondary battery materials, ③ lithium/nickel, ④ hydrogen, ⑤ energy, ⑥ construction/infrastructure and ⑦ agro-bio. Further information can be found at www.posco-inc.com
Founded in 2006, ProLogium is a global leader in innovative next-generation battery technologies for automotive, consumer and industrial applications. ProLogium is the first battery company in the world to mass-produce solid-state lithium-ceramic batteries. Its proprietary technologies cover more than 480 patents (applied or issued) worldwide. ProLogium’s automated pilot production line has supplied nearly 8,000 sample solid-state battery cells to global automakers for testing and module development. By the end of 2022, ProLogium will complete the establishment of a GWh plant, followed by capacity expansion plans in major global markets. More information on www.prologium.com