VINFAST PARTNERS WITH AND INVESTS IN PROLOGIUM FOR SOLID-STATE BATTERIES DEVELOPMENT

HANOI, Vietnam, July 6, 2022 /PRNewswire/ -- VinFast, through a company in Vingroup, today announced an investment in the tens of millions of US dollars investment in ProLogium, a global leading manufacturer in next-generation solid-state battery. VinFast also entered into a Memorandum of Understanding with ProLogium setting out strategic cooperation arrangements to secure next-generation solid-state battery supplies and the goal of expanding its smart mobility solutions globally. 

Along with the investment in ProLogium, VinFast and ProLogium will become long-term strategic partners in the future. The two companies will enter into commercial agreements to develop battery pack designs using Prologium's proprietary solid-state battery technology, adhering to strict specifications on the parameters, quality, and safety for VinFast.

Under the strategic cooperation arrangements, ProLogium plans to provide solid-state battery cells to VinFast starting from 2024 to support its next generation line-up. ProLogium's first major solid state battery plant, which is slated to launch in early 2023, will devote a significant portion of the facility's production capacity to supply VinFast. In the future, ProLogium and Vinfast may also establish a joint-venture solid-state battery factory in Vietnam.

Solid-state batteries are among the most promising technologies to offer advantages in terms of safety, energy density, hyper fast-charging capability, recyclability, weight optimization, costs, and lifetime.

The partnership with ProLogium is an integral part of VinFast's battery strategy. Through this strategic arrangement, VinFast aims to secure the battery supply with world's leading technology, enhance control over the quantity and type of its battery supply to meet the needs of each VinFast EV line and the market's demands for high-tech, high-performance, safe, and environmentally friendly batteries.

"VinFast has focused on investing and building strategic partnerships with leading companies in the industry and breakthrough technology companies to quickly grasp and apply technologies for smart and sustainable mobility solutions," said Ms. Le Thi Thu Thuy, Vingroup Vice Chairwoman, and VinFast Global CEO. "ProLogium is one of our key partners, helping VinFast quickly master the supply of solid-state batteries while continuing to deliver EV products with advanced battery technology for a more enjoyable and safer driving experience." 

VinFast, founded in 2017, is a global producer of premium automobiles and the latest core venture of Vietnam's leading private conglomerate Vingroup. Along with its headquarter in Hanoi (Vietnam) and a network of operation offices in key markets across the US, Canada, and Europe, VinFast owns a state-of-the-art automotive manufacturing complex with global leading scalability that boasts up to 90% automation.

In 2021, Vingroup invested more than 4 trillion VND to construct the VinES battery factory in Vung Ang, Ha Tinh (Vietnam), on eight hectares of land that produces battery packs and battery cells for VinFast electric vehicles.

The company has recently announced plans to construct a manufacturing plant in North Carolina (USA), with an initial investment of 2 billion USD in Phase 1, which will become the manufacturing and production facility for electric cars and e-buses as well as housing other ancillary industries.

"ProLogium and VinFast will together unveil smart electric vehicles powered by our market leading next-generation solid-state battery technologies." Mr. Vincent Yang, Chief Executive Officer and Chairman of ProLogium Technology said. "We are a major innovator in battery technology with already proven manufacturing capabilities and we aim to become a main driver for a sustainable world through high performance, safe and affordable technologies. We share this vision with our new partner, and together we will become a powerful force to deliver a more enjoyable and safer driving experience."

ProLogium's manufacturing competence has been well established since its first production line for consumer applications began operating in 2013, and has been further endorsed by a EV battery pilot line in October, 2017. The battery maker has established more than 4,000 quality control items in its production processes and achieved 99.9% yield for its single-layer cell manufacturing and 94% yield for multi-layer cells. These results lay a solid foundation for its first 3 GWh mass production plant. To date, ProLogium has shipped more than 7,300 EV cells with 50 - 60 Ah capacity to worldwide automotive partners for verification, and more than one million cells have been delivered to customers for consumer applications.

ProLogium never ceases to develop and improve its next-generation battery technologies and manufacturing competence. Armed with a clear roadmap for technology development, long proven manufacturing processes, healthy supply chain strategic alliances, strong customer endorsement, and relentless, constinuous innovation, ProLogium is spearheading the production of next-generation batteries to power the world for a greener future.