Another solid-state battery stock is coming, Huineng Technology may go public in the U.S. within this year
On March 30, 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 the use of special purpose acquisition companies (SPAC). ) Which options are included in the merger listing. 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 the official website of Huineng Technology, the company's lithium ceramic battery is thinner and lighter than traditional battery packs, and is considered to be safer for use in electric vehicles because it has a lower risk of explosion in the event of an impact.
Previous news shows 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 Ai Chi. 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 Vingroup JSC 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, Norwegian battery manufacturer Freyr AS agreed to merge with SPAC Alussa Energy Acquisition Corp to go public. Last month, American battery manufacturer Microvast Inc. announced that it plans to merge with SPAC Tuscan Holdings Corp. to go public.
Wall Street reports mentioned earlier this year that after listing through the SPAC shell company in November last year, the market value of 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.
Spurred by the Biden government's upcoming large-scale infrastructure plan, electric vehicle concept stocks have generally risen. QuantumScape has 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.