ProLogium
Definitive (DA signed)Information Technology · lithium ceramic battery manufacturing · Taoyuan City, Taiwan · founded 2006
- What it is
- Vertically integrated cell manufacturer plus IP licensor: sells solid-state cells and its proprietary 'Inlay' component from its own gigafactories (Taoyuan, Taiwan operating; Dunkirk, France under construction with a French government subsidy package of up to EUR 1.4bn), and separately licenses Gen-4 material recipes and cell-assembly technology to value-chain partners. Revenue today is de minimis product sales and technical-service/development fees from a very small number of customers.
- What it’s doing now
- Merging with Translational Development (TDAC) — definitive (da signed), announced May 27, 2026; expected close H2 2026.
- What you should know
- At 1339.3× revenue the deal prices it above its listed peers, which trade at 13.54×. The deal carries a $250M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryProLogium is a Taiwan-based developer and manufacturer of next-generation 'lithium ceramic' solid-state batteries for EVs, aerospace, robotics, defence and data-centre backup power. It is NOT pre-revenue but is close to it: audited IFRS revenue was only $2.9M in FY2025, DOWN 52% from $6.2M in FY2024, against a $3.8B pre-money valuation. Cost of revenue was $22.5M, producing a GROSS LOSS of $19.5M - i.e. roughly a -663% gross margin. The F-4/A discloses that current product sales are 'primarily battery sales to an automotive audio technology company for use in automotive audio systems', not to EV makers. Operating loss was $78.5M and net loss $640.9M in 2025 (the net loss is dominated by $526M of non-cash fair-value remeasurement on convertible preference shares). Management and the auditor both flag material uncertainty about going concern.
| Revenue | $2.9M (FY2025) |
| Gross margin | -662.9% |
| Cash | $126.5M |
| Debt | $96.9M |
| Book value | $-1,778.7M |
Source: 425, accession 0001193125-26-330513 · as of Dec 31, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedEnergy innovation company developing and manufacturing next-generation lithium ceramic solid-state batteries, holding 1,100+ global patents, with cumulative shipments of 2.4 million cells and a claim of supplying over 40 customers.
- Markets:
- Electric vehicles | Aerospace | Construction machinery / off-highway | Robotics | Energy storage (ESS) | Data centre backup power | Defence
- Products:
- Superfluidized all-inorganic solid-state lithium ceramic battery (Gen 4) | 100% ceramic-separator solid-state cells | Inlay pouch cell architecture | Battery modules/packs and energy-management systems (with partners)
- Customers:
- Mercedes-Benz | Rimac Technology | Delta Electronics | Schneider Electric | Kyushu Electric Power | Nakayama Iron Works | FEV Group | Darfon Energy Tech | MAHLE | Elysian Aircraft | OPmobility
MAJOR. (1) The website presents a broad marquee customer roster (Mercedes-Benz, Rimac, Delta, Schneider, MAHLE, Elysian, etc.) and claims 'over 40 customers'; the F-4/A says revenue 'is concentrated in a small number of customers and programs' and that current product sales are 'primarily battery sales to an automotive audio technology company for use in automotive audio systems' - i.e. car audio, not EVs or aerospace. Most named names are partners/MoU/LOI relationships, not revenue-generating customers. (2) Website/press release say 'Founded in 2006'; the audited F-4/A states 'ProLogium Holding Inc. (the Company) was incorporated in the Cayman Islands on May 17, 2012'. (3) Website markets '2.4 million cells shipped' as commercial traction while the filing describes the company as remaining 'in the commercialization and manufacturing scale-up stage'. (4) No employee headcount is published on the site; the filing discloses only that the R&D team had 195 employees as of 2026-03-31.
Source: https://prologium.com · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
ProLogium is merging with Translational Development (TDAC), a $173M SPAC currently marked Deal announced and trading at $10.90 against $10.73 in trust per share.
| Headline equity value | $3.8B |
| Effective valuation (all shares) | $4.0B+5% vs headline |
| Sponsor promote | 21.3% |
| PIPE | ≈ $50M · unsourcedCommon equity PIPE targeted but not committed at signing: parties agreed only to use commercially reasonable efforts to enter into subscription agreements or backstop arrangements for a private equity |
| Minimum cash to close | $250M |
| Pro-forma shares | 397.1M |
Structure per SEC accession(s) 0001104659-24-132134, 0001104659-26-066599, 0001104659-24-131277. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values ProLogium at $3.94bn, or 1339.3× the FY2025 actual revenue it actually reported. That is 98.9× what the market pays for its closest listed peers (median 13.54×) — an expensive price. It is priced above 100% of them.
Post-dilution equity + target net debt.
FY2025 — a reported actual.
1339.3× FY2025 actual revenue. Put another way: $1 of its annual sales is being bought for $1339.30.
$1 of their sales costs $13.54 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 2.09× to 42.02×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- Struck on the post-dilution value of $3.97bn, not the announced $3.8bn — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- QS, ELPW, DFLI, STI, EPOW, GWH, CBAT, FLUX, KULR have no revenue to divide by, so they are shown but left out of the peer median.
- MVST shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| QS | QuantumScape Corporation | $3.9B | — | — | QuantumScape is the closest listed analogue - a pre-commercial solid-state lithium battery developer with a proprietary ceramic separator and a hybrid licensing-plus-manufacturing model, carrying a multi-billion-dollar valuation on essentially no product revenue, exactly ProLogium's profile.more ▾less ▴ |
| SLDP | Solid Power, Inc. | $545M | 42.0x | — | Solid Power is a solid-state cell and electrolyte developer earning only small development-contract and material-sales revenue while it qualifies with automakers - the same sub-$10M revenue, negative-gross-margin, OEM-qualification stage ProLogium is in.more ▾less ▴ |
| ELPW | eLong Power Holding Ltd | $8M | — | — | Direct comp: Batteries & Uninterruptable Power Supplies; micro-cap ($8m); shares batteries, lithium, battery, power, sales, systems with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SES | SES AI Corporation | $227M | 3.0x | — | SES AI is a next-gen lithium-metal cell developer that, like ProLogium, has pivoted from an EV-only story into drones, robotics and data-centre/BBU applications while running low single-digit-millions of revenue against a large cash pile.more ▾less ▴ |
| AMPX | Amprius Technologies, Inc. | $1.7B | 15.3x | — | Amprius sells high-energy-density cells in small volumes into aerospace, defence and robotics from its own capacity while operating at negative gross margin - the same customer verticals and the same idle-capacity economics ProLogium reports.more ▾less ▴ |
| ENVX | Enovix Corporation | $972M | 28.2x | — | Enovix is one step ahead on the same path: a proprietary-architecture cell maker that has begun shipping commercially from its own fab after years of scale-up, making it the benchmark for whether ProLogium's Taoyuan-to-Dunkirk gigafactory ramp is credible.more ▾less ▴ |
| DFLI | Dragonfly Energy Holdings Corp | $37M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($37m); shares batteries, lithium, battery, next, solid, state with the target's own description; forward EV/Sales 0.9x.more ▾less ▴ |
| EOSE | Eos Energy Enterprises, Inc. | $1.5B | 11.7x | — | Eos Energy is a pre-profit domestic battery manufacturer scaling an automated factory on government-backed financing with deeply negative gross margins and going-concern-adjacent liquidity - the closest read on how capital markets price ProLogium's Dunkirk subsidy-funded build.more ▾less ▴ |
| STI | Solidion Technology, Inc | $53M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($53m); shares batteries, solid, lithium, battery, state, systems with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| EPOW | E-Power Inc | $38M | — | — | Operational comp: Electrical Components & Equipment (NEC); micro-cap ($38m); shares batteries, material, lithium, sales, primarily, are with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| GWH | ESS Tech, Inc. | $42M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($42m); shares batteries, battery, lithium, non, power, technology with the target's own description; forward EV/Sales 56.7x.more ▾less ▴ |
| CBAT | CBAK Energy Technology Ltd | $74M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($74m); shares batteries, lithium, power, primarily, are, technology with the target's own description; forward EV/Sales 0.3x.more ▾less ▴ |
| ENS | EnerSys | $7.3B | 2.1x | 12.2x | Operational comp: Batteries & Uninterruptable Power Supplies; mid-cap ($6.3bn); shares batteries, battery, power, aerospace, systems, are with the target's own description; forward EV/Sales 2.0x.more ▾less ▴ |
| FLUX | Flux Power Holdings Inc | $25M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($25m); shares batteries, lithium, battery, material, power, management with the target's own description; forward EV/Sales 0.5x.more ▾less ▴ |
| KULR | KULR Technology Group Inc | $135M | — | — | Operational comp: Electrical Components & Equipment (NEC); micro-cap ($135m); shares batteries, battery, robotics, aerospace, systems, from with the target's own description; forward EV/Sales 3.5x.more ▾less ▴ |
| MVSTcontext only | Microvast Holdings, Inc. | $329M | 1.1x | 10.0x | Microvast is a comparable Asia-manufacturing-based cell maker selling into commercial vehicles and ESS, but it is a genuinely revenue-generating business at ~100x ProLogium's sales, so it brackets the scale ProLogium is trying to reach rather than matching it.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is ProLogium going public?
ProLogium has a signed merger with the SPAC Translational Development (TDAC), announced May 27, 2026. Deal status: Definitive (DA signed).
What is ProLogium's SPAC deal valuation?
The announced headline equity value is $3.8B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $4.0B, 5% above the headline.
Was ProLogium bought at an expensive or a cheap valuation?
The deal values ProLogium at $3.94bn, or 1339.3× the FY2025 actual revenue it actually reported. That is 98.9× what the market pays for its closest listed peers (median 13.54×) — an expensive price. It is priced above 100% of them.
Does ProLogium have revenue?
The filings report a revenue figure of $2.9M (FY2025).
Educational content, not investment advice.
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