Masan unit pours $53 mln into fast-charging UK battery maker

H.C. Starck Tungsten Powders, a wholly owned subsidiary of Masan High-Tech Materials, stated Friday that the investment marks a milestone in its strategy to get closer to consumers by developing new and innovative applications.

The investment accounts for the majority of Nyobolt’s Series B financing round, it added.

Nyobolt is commercializing lithium-ion batteries that can be 90 percent charged in five minutes.

The batteries have a power density 10 times that of normal equivalents with a smaller and lighter design, Nyobolt said, adding they are also 10 times more durable than other lithium-ion batteries.

Germany-based H.C. Starck Tungsten Powders is a manufacturer of high-quality tungsten powder that employs around 540 people at three production sites in Germany, Canada and China.