Business

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

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

H.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.

US giant backs Vietnam’s bid to lead ASEAN gas trade

US giant backs Vietnam’s bid to lead ASEAN gas trade

Business -  1 week

With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.

Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia

Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia

Business -  2 week

Scheduled for completion in 2027, the logistics facility will be the first of its kind in Vietnam significantly boosting parcel processing capacity up to 7 million parcels daily.

Gamuda Land secures VND3,750 billion loan for Eaton Park project

Gamuda Land secures VND3,750 billion loan for Eaton Park project

Business -  3 week

Gamuda Land will use the loan to invest in a luxury real estate project in Ho Chi Minh City.

WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

Business -  3 week

Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.

Hai Phong Port unveils new deep-water terminals to meet growing trade demand

Hai Phong Port unveils new deep-water terminals to meet growing trade demand

Business -  4 week

Hai Phong Port JSC. has inaugurated international container terminals No. 3 and 4 at Lach Huyen, raising its throughput capacity to 3.5 million TEUs per year.

Hoang Huy Group to raise $79 million for Haiphong property projects

Hoang Huy Group to raise $79 million for Haiphong property projects

Business -  1 month

Hoang Huy expects revenue to exceed VND4 trillion and post-tax profit to reach up to VND2 trillion in fiscal year 2025-2026, targeting annual growth of over 30% for the next five years.