Prologium Holding Inc. and Translational Development Acquisition Corp. have secured commitments for a $50 million primary capital investment from a consortium of existing ProLogium shareholders. The investment consists of $50 million of committed capital priced at ProLogium’s previously announced pre-money valuation of approximately $3.8 billion, and forms part of the previously announced target financing supporting ProLogium’s proposed business combination with TDAC.
ProLogium expects to use the proceeds to support the continued scale-up of the next-generation lithium ceramic battery production and advance construction of its planned gigafactory in Dunkirk, France, which is backed by a subsidy package of up to €1.375 billion from the Government of the French Republic. The investment is also expected to support ProLogium’s expansion into adjacent applications including data centers, aerospace, and robotics.
ProLogium is a global leader in the innovation and manufacturing of next-generation lithium ceramic batteries. TDAC is a special purpose acquisition company through which ProLogium is pursuing a path to becoming a publicly listed company.
Support: Cohen & Company Capital Markets, a division of Cohen & Company Securities, is acting as Exclusive Financial Advisor, Lead Capital Markets Advisor, and Placement Agent to ProLogium. Credit Agricole Securities (USA) is acting as a Placement Agent to ProLogium, with Sullivan & Cromwell and LCS & Partners serving as legal advisors. BTIG is acting as Exclusive Financial Advisor, Lead Capital Markets Advisor, and Placement Agent to TDAC, with Venable serving as legal advisor. DLA Piper (US) is serving as legal advisor to Cohen & Company Capital Markets, Credit Agricole Securities (USA), and BTIG.
KEY QUOTES:
“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.”
Vincent Yang, Founder and CEO, ProLogium
“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.”
Michael B. Hoffman, Chairman and CEO, Translational Development Acquisition Corp.
