Himadri Speciality gains after buying stake in Aussie battery tech firm

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May 31, 2023
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The investment by the company will accelerate product and technology development for Sicona

Himadri Speciality Chemical traded marginally higher in the early hours on May 31 after the company acquired a stake in a Sydney-based battery technology firm.

Himadri invested (in cash) AUD 10.32 million in Sicona Battery Technologies Pty Ltd for a 12.79 percent shareholding.

Sicona develops next generation battery materials technology used in the anodes (negative electrodes) of lithium-ion (Li-ion) batteries that enable electric-mobility and storage of renewable energy.

Sicona is commercialising an innovative silicon-composite battery anode materials technology, developed and perfected at the Australian Institute for Innovative Materials (AIIM).

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Sicona’s current generation silicon-composite anode technology delivers 50-100 percent higher capacity than conventional graphite anodes and its anode materials can deliver more than 50 percent higher cell energy density than current Li-ion batteries, the company said in its release.

The investment by the company 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, it added.

The technology Sicona is pioneering has strong synergies with Himadri’s current and future business portfolio and will help accelerate the Australian company’s business plans, it said.

“Sicona’sground-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.

At 9:37am, Himadri Speciality Chemical was quoting at Rs 126, up Rs 0.20, or 0.16 percent on the BSE.

The share touched a 52-week high of Rs 131.50 and a 52-week low of Rs 55.40 on 26 May, 2023 and 20 June, 2022, respectively. It is trading 4.18 percent below its 52-week high and 127.44 percent above its 52-week low.