Automaker VinFast announced an investment of $10 million in ProLogium, a manufacturer of solid state batteries. VinFast has also signed a strategic cooperation memorandum of understanding with ProLogium to secure the supply of solid state batteries and support the global expansion of smart mobility solutions.
The investment makes VinFast and ProLogium long-term strategic partners, the automaker said in a recent statement. The companies intend to enter into commercial agreements to develop battery packs incorporating ProLogium patented solid state battery technology based on VinFast performance, quality and safety goals.
As part of a strategic partnership, ProLogium plans to supply VinFast solid state battery cells starting in 2024. ProLogium's first major 3GWh solid state battery factory, scheduled to launch in early 2023, will use a significant portion of its production capacity to supply VinFast. The two sides are also considering setting up a joint venture to build a plant to produce solid state batteries.
Solid state batteries are among the promising technological innovations that offer advantages in battery safety, energy density, fast charging capabilities, recycling, weight optimization, cost and life cycle.
The partnership with ProLogium is an integral part of VinFast's battery strategy. Through the agreement, VinFast is committed to delivering world-leading technology and the ability to optimize the battery type for each of its electric vehicles, as well as meeting market demand for high-performance, safe and environmentally friendly high-tech batteries.