Vietnamese conglomerate Masan Group, through its indirectly-owned unit H.C. Starck Tungsten Powders (HCS), has reached agreements to invest £45 million ($53 million) in the UK-based, fast-charging Li-ion battery solutions company Nyobolt.
Following the transaction, HCS will own a 15% stake in Nyobolt on a fully diluted basis. The transaction will make up the majority of Nyobolt’s Series B financing round, Masan said in a statement on Friday.
It is also expected to accelerate HCS’s goal of becoming a high-tech, value-added business by developing new tungsten applications critical for the technologies of the future.
Nyobolt is commercialising lithium-ion batteries with record power density and ultra-fast charge capabilities, according to Masan. The UK company enables 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.
“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,” said Hady Seyeda, CEO of HCS.
“Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy. With H.C. Starck investment and technologies, Nyobolt will expand its manufacturing capabilities while minimising its carbon footprint with an effective recycle and reuse programme,” added Sai Shivareddy, CEO and co-founder of Nyobolt.
The funding will also help Nyobolt scale up its operations in the UK and US.
HCS, a manufacturer of high-quality tungsten powder, has production sites in Germany, Canada and China, in addition to sales offices in the US and Japan. Its parent company, Masan High-Tech Materials — a subsidiary of Masan Group — is the largest manufacturer of mid-stream tungsten products outside of China.
Masan Group is amongst the largest diversified businesses in Vietnam, with operations in food and retail, minerals, agriculture and financial services. Investors in the company and its units include SK Group, Singapore sovereign fund GIC, private equity firm TPG, the Abu Dhabi Investment Authority (ADIA), and Temasek’s wholly-owned indirect subsidiary SeaTown.