ProLogium Allocates $5.7 Billion For The Construction Of An EV Battery Plant In France

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DIKSIA.COM - PARIS – , a Taiwan-based electric vehicle (EV) battery manufacturer, is set to invest $5.7 billion, equivalent to €5.2 billion, in establishing a new manufacturing facility in the port city of Dunkirk, .

The company states that this investment is aimed at ensuring long-term operations and navigating the ongoing tensions between Washington and Beijing.

“Due to political concerns, our board is hesitant to expand capacity too much in Taiwan,” explained , the founder and CEO of in a statement released on Thursday, May 11, 2023.

ProLogium has secured loans and equity to finance the construction of the factory in . Additionally, the company is reportedly receiving financial incentives from the French government and funds from the European Union.

“We intend to pursue an initial public offering (IPO) alongside the fundraising process for the Dunkirk plant,” Yang stated.

Meanwhile, ProLogium Vice President Gilles Normand emphasized that the investment in France goes beyond establishing a production center overseas. ProLogium also plans to set up facilities outside of Taiwan for material procurement and research and development (R&D) activities.

“Our aim is to contribute not only in Taiwan but also on a global scale,” Normand expressed.

The plant is expected to commence production of new solid-state batteries by the end of 2026 and achieve mass production within the following year.