Himadri invests AUD 10.32 mn for stake in Australia battery tech firm

Indian speciality chemicals firm says deal will help it in technologies for battery material

Illustration: Ajay Mohanty

Illustration: Ajay Mohanty

Ishita Ayan Dutt Kolkata

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Himadri Speciality Chemical said on Wednesday it has invested AUD 10.32 million (in cash, Rs 58 crore approximately) in Sicona Battery Technologies Pty Ltd for a 12.79 per cent stake.

Sicona is a Sydney-based company that has a technology used in the anodes (negative electrodes) of lithium-ion (Li-ion) batteries used for mobility and storing renewable energy, said Himadri, a speciality chemicals firm, in an exchange filing.

Sicona has commercialised a silicon-composite battery anode materials technology that was developed at the Australian Institute for Innovative Materials (AIIM), it said.

The technology delivers 50 per cent to 100 per cent higher capacity than conventional graphite anodes. Its anode materials can deliver more than 50 per cent higher cell energy density than current Li-ion batteries, said Himadri.

Himadri said that the decision to invest in Sicona aligns with its vision to produce high-quality anode materials and explore innovative technologies in the battery material segment.

Himadri’s investment is expected to accelerate product development for Sicona and expedite the commercial deployment of the anode technology.

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Himadri will have two nominee directors on Sicona’s board.

“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 complement our strategic objectives,” said Anurag Choudhary, chairman & managing director of Himadri Speciality Chemical.

In a statement, Sicona founder and CEO Christiaan Jordaan said, “Welcoming one of the leading global speciality chemical companies as a strategic investor in our Series A round allows us to accelerate our mission of becoming a major producer of cost-effective silicon composite anode materials.”

“Himadri has a multi-decade track record of manufacturing materials at scale and their expertise and inputs will be a major asset to us in the next phases of our growth plans. Furthermore, Himadri’s current strength in synthetic anode materials has strong synergies with our silicon anode technology,” Jordaan said.

First Published: May 31 2023 | 5:39 PM IST

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