Masan’s subsidiary to invest $46.2 million in UK-fast charging battery startup
With the investment, Nyobolt will expand its manufacturing capabilities while minimizing its carbon footprint with an effective recycle and reuse program.
H.C. Starck Tungsten Powders (HCS), a subsidiary of Vietnam’s Masan High-Tech Materials (MHT), will invest £45m (US$46.2 million) into the UK’s Nyobolt Limited (Nyobolt), a fast-charging Li-ion battery solutions company that leverages HCS’s advanced tungsten materials in its anode, for a 15% equity interest on a fully diluted basis.
|Leaders of the two companies at the signing ceremony. Photo: HCS|
The signing of definitive agreements between the two sides was held in Germany this week. The investment of Masan’s subsidiary will help Nyobolt’s construction of its anode manufacturing facilities and research & development (R&D) centers.
The investment, representing the majority of Nyobolt’s Series B financing round, is expected to accelerate HCS’s vision of becoming a high-tech, value-added business by developing new tungsten applications critical for the technologies of the future.
Nyobolt is commercializing lithium-ion batteries with the record power density and ultra-fast charge capabilities. The company’s technology builds on a decade of fast charge lithium-ion battery research led by University of Cambridge battery scientist Professor Dame Clare Grey. Its charging solution will decrease charge times from hours to minutes and help maximise uptime and productivity.
Such capabilities enable new applications and enhanced customer experience with target end uses being high performance and industrial vehicles, automation (robotics), consumer appliances, cordless tools, stationary storage and mobile rapid charging.
Hady Seyeda, CEO of H.C. Starck Tungsten Powders, said: “This investment marks a milestone in our strategy to move further downstream, and get closer to consumers by developing new, innovative applications including our recently trademarked “starck2charge” battery materials product range.”
This partnership is also going to accelerate the development towards a circular economy for batteries via enhanced recycling and new models of use, he added.
According to Craig Bradshaw, CEO of MHT, over two years after acquiring and integrating the global Tungsten business of H.C. Starck into MHT, the company has been able to expand its breadth of business capabilities through the acquisition of a significant equity stake in Nyobolt.
“Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy - a need our technology addresses,” Sai Shivareddy, CEO and Co-founder of Nyobolt said. “The Series B funding will put Nyobolt in the driving seat of a fast-moving battery industry and allow us to showcase the uniqueness of our battery technology, developed by our team of experts, which set to transform the energy storage industry.
With H.C. Starck investment and technologies, Nyobolt will expand its manufacturing capabilities while minimizing its carbon footprint with an effective recycle and reuse program.
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