Himadri Speciality Chemical stock surges after acquiring 12.79% stake in an Australian startup
2 min read 31 May 2023, 02:57 PM ISTOne of India's top speciality chemical conglomerates, Himadri Speciality Chemical Ltd., is India's first producer and pioneer of the anode material needed for lithium-ion batteries.
PremiumOne of India's top speciality chemical conglomerates, Himadri Speciality Chemical Ltd., is India's first producer and pioneer of the anode material needed for lithium-ion batteries. The speciality chemical stock opened today on the BSE at ₹126.00 and went on to hit an intraday high of ₹129.25 apiece logging a gain of 2.57% after it recently invested in Series A round of Australian startup, Sicona Battery Technologies.
The company has confirmed that it has invested AU$10.32 million in Series A round for acquiring a 12.79% stake in Sicona Battery Technologies, an Australian startup specializing in high-capacity silicon anode technology for lithium-ion batteries used for electric vehicles. The investment will accelerate product and technology development for Sicona and expedite the commercial deployment of their silicon anode technology, according to Himadri Speciality Chemical.
Himadri will have two nominee directors on Sicona's board as part of its strategic investment, allowing for strong cooperation and synergy between the two companies.
Commenting on this, Mr. Anurag Choudhary, Chairman & ManagingDirector of Himadri Speciality Chemical Ltd said: “We are delighted to acquire a stake in Sicona Battery Technologies. Sicona’sground-breaking research and cost-effective & highly scalable approach tosilicon anode manufacturing perfectly complements our strategic objectives. At Himadri, sustainability forms the energy and purpose of our conduct. Sicona isworking towards solving some of the most important challenges and needs of theworld today. Our investment in Sicona is a strategic fit in this direction and weare extremely confident of Sicona’s team and technology and its ability toconsistently innovate in the rapidly evolving battery technology landscape."
Sicona founder and CEO Christiaan Jordaan said: “Welcoming one of the leading global speciality chemical companies as astrategic investor in our Series A round allows us to accelerate our mission ofbecoming a major producer of cost-effective silicon composite anode materials. Himadri has a multi-decade track record of manufacturing materials at scaleand their expertise and inputs will be a major asset to us in the next phases of ourgrowth plans. Furthermore, Himadri’s current strength in synthetic anodematerials has strong synergies with our silicon anode technology. Our silicon metal-based technology decouples us from the major bottlenecks andcost implications of silane gas-based technologies and provides our customersthe confidence that we can deliver a silicon-carbon anode material at a capitalintensity and $/kg price which is feasible for mass-automotive market adoption. Himadri has joined hands with us at a very crucial time, as we are expanding inthe fast-growing global battery market towards full commercial deployment ofSicona’s technology.
Commenting on the outlook of the stock, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Himadri Speciality Chemicals looks bullish on the Daily charts with strong support at 118. Only a Daily close above resistance of 131 could lead to 138 in the near term."
