Image: ProLogiumProLogium has spent the past 20 years developing solid-state batteries and has long manufactured them at its headquarters in Taiwan. To accelerate its expansion plans, the company now intends to merge with TDAC, a special purpose acquisition company (SPAC) that is already publicly listed.This transaction, also known as a ‘SPAC merger,’ allows ProLogium to bypass the complex process typically associated with a traditional initial public offering (IPO) and gain faster access to the stock market. The merged entity will operate under the name ProLogium Technology and is expected to be listed on the US technology exchange Nasdaq under the ticker symbol PRLG.The merger is expected to provide ProLogium with at least $250 million in new capital. Around $172.5 million will come from TDAC’s trust assets, which the company raised during its initial public offering. In addition, ProLogium plans to secure further funding through a PIPE (Private Investment in Public Equity) financing round, in which investors will purchase newly issued shares. This will ensure total proceeds of at least $250 million, although the amount could rise if investor demand proves strong.However, the financial injection is only part of the strategy. A stock market listing would also give ProLogium easier access to capital markets in the future, including through bond issuance or additional share offerings as part of capital increases.“Today marks a pivotal moment in ProLogium’s journey in accelerating the commercialisation of our industry-leading solid-state batteries,” said ProLogium CEO Vincent Yang. “This Transaction is expected to provide us with the capital to fund our next phase of growth — enabling us to scale the production of our 4th-generation superfluidised inorganic solid-state batteries, advance the construction of our new gigafactory in Dunkirk, France, and support our expansion into adjacent application verticals, including data centres, aerospace and robotics, while continuing to progress in EVs.”TDAC CEO Michael B. Hoffman added: “We could not be more excited to partner with Vincent and his team on bringing ProLogium to the public capital markets. We believe that ProLogium is the future of distributed, mission critical energy based on their technological foundation and the capabilities to supply next generation batteries at gigawatt scale.”As previously reported, ProLogium will invest a substantial share of the capital in its new factory in Dunkirk, where the company laid the foundation stone in February. The plant will manufacture fourth-generation lithium-ceramic solid-state batteries and is initially designed for an annual production capacity of 0.8 GWh. ProLogium plans to complete the facility in 2028.Drawing on experience from its 3 GWh factory in Taoyuan, Taiwan, the company intends to ramp up production in Dunkirk rapidly. From 2029 onwards, ProLogium will expand capacity further, with Phase 2 targeting full utilisation of 4 GWh annually by 2030. By 2032, the ‘Fab 1’ plant is expected to reach its full planned capacity of 12 GWh. In the long term, the site could potentially expand to 48 GWh.The French government is supporting the project with a subsidy package worth up to €1.4 billion, which the EU has already approved.prologium.com
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