H.C. Starck Tungsten Powders invests in Nyobolt

On July 15, H.C. Starck Tungsten Powders (HCS), a wholly-owned subsidiary of Masan High-Tech Materials (MHT), announced the signing of definitive agreements to invest £45 million ($45.18 million) in Nyobolt Ltd (Nyobolt), a fast-charging Li-ion battery solutions company that leverages HCS’s advanced tungsten materials in its anode, for a 15 per cent equity interest 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.

According to Mr. Hady Seyeda, CEO of HCS, the investment is a milestone in the company’s strategy to move further downstream and get closer to consumers by developing new, innovative applications, including its recently trademarked “starck2charge” battery materials product range.

“Nyobolt’s technology is a real breakthrough that we can help commercialize based on our vast experience in transferring innovative solutions into large-scale manufacturing,” said Mr. Seyeda. “This partnership is also going to accelerate the move towards a circular economy for batteries via enhanced recycling and new models of use.”

The proceeds from HCS’ investment will help fund Nyobolt’s construction of its anode manufacturing facilities and R&D centers, and both parties anticipate significant synergies through future collaborations, including in recycling, tungsten supply, cathode technology, manufacturing know-how, and infrastructure.

The Series B funding will also put Nyobolt in the driving seat of a fast-moving battery industry and allow it to showcase the uniqueness of its battery technology, developed by its team of experts, which is set to transform the energy storage industry. “With HCS’s investment and technologies, Nyobolt will expand its manufacturing capabilities while minimizing its carbon footprint with an effective recycle and reuse program,” said Mr. Sai Shivareddy, CEO and Co-founder of Nyobolt.

According to Mr. Craig Bradshaw, CEO of MHT, after two years of acquiring and integrating the global tungsten business of HCS into MHT, the company has now been able to expand the breadth of business capabilities through the acquisition of a significant equity stake in Nyobolt. “We look forward to working together with the Nyobolt team to advance their product offering and opportunities to partner in the manufacturing and commercialization of their products, as well as offering a full life-cycle for the advanced strategic materials required in Nyobolt batteries,” he added.