Another solid-state battery stock is coming, Huineng Technology may go public in the U.S. within this year

by:CTECHi     2021-09-02
On Tuesday, the media quoted people familiar with the matter that Taiwan’s solid-state battery manufacturer Prologium is considering listing in the United States later this year and is discussing with consultants, including through a merger with a special purpose acquisition company (SPAC). Which options are listed. At present, it is only in the preliminary negotiation stage. No matter what kind of transaction, Huineng Technology may get a valuation of billions of dollars after listing, but the company may also decide to postpone the time of public listing. According to previous articles on Wall Street, power batteries can be compared to the 'heart' of electric vehicles. Solid-state batteries use solid electrolytes to replace the electrolytes and diaphragms of traditional lithium-ion batteries. Its popularity is mainly due to its outstanding advantages: not only safety but also Good, the risk of fire is greatly reduced, and the energy density is also higher than that of traditional lithium batteries using the same positive and negative materials. According to Huineng Technology’s official website, the company’s lithium ceramic batteries are thinner and lighter than traditional battery packs, and are considered safer for use in electric vehicles because they have a lower risk of explosion upon impact. Earlier news showed that Huineng Technology is expanding cooperation with vehicle companies and increasing financing. In 2019, Huineng Technology signed strategic cooperation agreements with new energy vehicle OEMs such as Weilai and Aichi. In April last year, Huineng Technology completed a series D financing of nearly 100 million U.S. dollars. Investors included Bank of China Investment and FAW Industry Fund. Since then, domestic media said that Huineng Technology is cooperating with a number of domestic and foreign automakers to conduct battery tests of 1GWh on-board solid-state battery prototypes. It is expected to be mass-produced and installed in 2021. After the D round of financing, it will strengthen strategic cooperation with FAW Group. Earlier this month, Huineng Technology and the Vietnamese conglomerate VingroupC established a joint venture to produce solid-state batteries in Vietnam, the manufacturing center of Southeast Asia. Huineng Technology is another electric vehicle battery start-up company seeking to go public in recent months. In January of this year, the Norwegian battery manufacturer FreyrAS agreed to merge with SPCAlussaEnergyAcquisitionCorp to go public. Last month, US battery manufacturer Microvast Inc. announced that it plans to merge with SPACTuscan Holdings Corp. to go public. Wall Street reports mentioned earlier this year that after going public in November last year, the solid-state battery company QuantumScape (QS) once reached 47.7 billion U.S. dollars, surpassing the veteran automaker Ford. Based on its initial valuation of US$3.3 billion, QuantumScape's stock price has soared 13 times in just one month. On Tuesday, stimulated by the Biden government's upcoming large-scale infrastructure plan, electric vehicle concept stocks rose generally. QuantumScape closed up nearly 4%, but has fallen nearly 50% since the beginning of this year. As of Tuesday, the market value is less than 17 billion US dollars.
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