Masan’s unit pours $53 million into UK battery startup

By Kieu Mai - Jul 21, 2022 | 10:07 AM GMT+7

TheLEADERH.C. Starck Tungsten Powders (HCS), a wholly owned subsidiary of Masan High Tech Materials, announced to invest $53 million into Nyobolt Limited, a fast-charging Li-ion battery solutions company.

Under the transaction, a subsidiary of Vietnam conglomerate Masan Group will own a 15 per cent equity interest of the latter on a fully diluted basis.

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, it said in the statement.

Masan’s unit pours $53 million into UK battery startup Nyobolt
The funding from HCS will help Nyobolt to scale up our operations in the UK and US.

Nyobolt is commercializing lithium-ion batteries with record power density and ultra-fast charge capabilities. Its unique niobium and tungsten-based anode systems show superior performance over other Li-ion anode technologies.

So the UK-based 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.

While proceeds from HCS’ investment will help fund Nyobolt’s construction of its anode manufacturing facilities and R&D centers, both parties anticipate significant synergies through future collaborations, as recycling, tungsten supply.

“This investment marks a milestone in our strategy to move further downstream, and get closer to consumers by developing new, innovative applications. 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.

Nyobolt Co-founder & chief scientist professor Dame Clare Grey revealed that the funding from HCS will help Nyobolt to scale up our operations in the UK and US, and bring a more sustainable solution into the energy storage industry.

Sai Shivareddy, CEO and co-founder of Nyobolt, added that the Series B funding will put the company in the driving seat of a fast-moving battery industry, and allow them to showcase the uniqueness of our battery technology, developed by their team of experts, which set to transform the energy storage industry.

With HSC's investment and technologies, it will expand its manufacturing capabilities while minimizing its carbon footprint with an effective recycle and reuse program.

H.C. Starck Tungsten Powders, a wholly owned subsidiary of Masan High Tech Materials, is the world’s leading manufacturer of high-quality tungsten powder tailored to individual customer needs. It has three production sites in Germany, Canada and China, and owns sales offices in the U.S. and Japan.

Masan High-Tech Materials (MHT) is a subsidiary of Masan Group. The company, a leading supplier of critical minerals including tungsten, fluorspar and bismuth, is currently operating the world class polymetallic mineral resource and chemical processing plant in Northern Vietnam.