City-based Himadri Speciality Chemicals Ltd has picked up a minority stake in an Australian start-up which specialises in lithium ion batteries.
Himadri paid AUS$ 10.32 million (about Rs 58 crore) in a series A round of investment, translating into a 12.79 per cent stake in Sicona Battery Technologies.
The Australian company is focused on high-capacity silicon anode technology for lithium-ion batteries used in electric vehicles. Himadri’s investment will accelerate product and technology development for Sicona and expedite the commercial deployment of their silicon anode technology, the company said in a statement.
The technological and advanced capabilities of Sicona align with Himadri’s plans to manufacture high-quality anode materials. As part of its strategic investment, Himadri is going to have two nominee directors on Sicona’s board, enabling close collaboration and synergy between the two companies.
Commenting on the development, Anurag Choudhury, chairman and managing director of Himadri Speciality Chemicals, said: “We are delighted to acquire a stake in Sicona Battery Technologies. Sicona’s ground-breaking research and cost effective and highly scalable approach to silicon anode manufacturing perfectly complements our strategic objectives.”
Sicona founder and CEO Christiaan Jordaan said Himadri’s strength in synthetic anode material has strong synergies with our silicon anode technology.
“Our silicon based metal technology decouples us from the major bottleneck and cost implications of silane gas-based technologies and provides our customers the confidence that we can deliver a silicon carbon anode material at a capital intensity and dollar per kg price which is feasible for mass market adoption,” Jordaan said in the statement.