Kolkata-based Himadri Speciality Chemical Ltd said Wednesday it has acquired a 12.79% stake in Australian startup Sicona Battery Technologies Pty Ltd for A$10.32 million (around $6.70 million, or Rs 55.3 crore).
The transaction is part of Sicona’s Series A funding round, the speciality chemical company said in a statement.
Himadri said its investment will accelerate product and technology development for Sicona, including engineering of its first commercial-scale production plant in the US, and will help to expedite the commercial development of its technology. The technology Sicona is developing has “strong synergies” with Himadri’s current and future business portfolio and will help accelerate the company’s plans, it said.
“Sicona’s ground-breaking research and cost-effective and highly scalable approach to silicon anode manufacturing perfectly complements our strategic objectives,” said Anurag Choudhary, chairman and managing director of Himadri Speciality Chemical.
Sydney-based Sicona didn’t specify the total amount it is raising in the Series A round. It had previously raised A$3.7 million in its pre-Series A round in August 2021 from global venture capital firms Artesian, Riverstone Ventures, Chaos Ventures, Bandera Capital and SDGx Ventures.
Sicona is specializing in high-capacity silicon anode technology for lithium-ion batteries. It says it has developed next-generation battery materials technology used in the anodes (negative electrodes) of lithium-ion batteries that enable electric-mobility and storage of renewable energy.
In March, Sicona said it was considering the possibility of setting up a manufacturing facility in Chennai through a joint venture with a local company. It didn’t identify the potential JV partner.
Set up in 1987, Himadri has a presence across multiple product segments like coal tar pitch, carbon black, naphthalene and refined naphthalene, and speciality oils. In the last few years, it claims to have diversified its product portfolio. The company has nine manufacturing facilities across India and China.