Prologium Holding Inc., a global leader in the innovation and manufacturing of next-generation lithium ceramic batteries, and Translational Development Acquisition Corp, a special purpose acquisition company, announced that ProLogium and TDAC have secured commitments for a $50 million primary capital investment from a consortium of existing ProLogium shareholders to support the previously announced business combination that would result in ProLogium becoming a publicly listed company.
Secured as part of an overall capital raise tied to the Transaction, this investment is expected to support ProLogium’s continued scale-up of its next-generation lithium ceramic battery production, advance construction of its planned gigafactory in Dunkirk, France, and drive ProLogium’s expansion into adjacent applications including data centers, aerospace and robotics.
Vincent Yang, Founder and CEO of ProLogium, commented, “This investment is another step forward as we work toward completing our transaction with TDAC. It reflects the confidence our investors have in ProLogium’s technology and our ability to execute, and it brings us closer to the capital we need to scale our next-generation lithium ceramic batteries and advance our Dunkirk gigafactory.”
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Michael B. Hoffman, Chairman and CEO of TDAC, added, “We are pleased to see continued insider investor support for ProLogium as we move toward closing. This investment represents a strong vote of confidence in the Company’s vision and is a meaningful part of the financing behind our transaction and reflects the same conviction in ProLogium’s technology and growth plan that led us to partner with Vincent and his team.”
SOURCE: ProLogium