A unit of conglomerate Masan has invested 45 million pounds ($53 million) into U.K.-based fast-charging battery maker Nyobolt Limited for a 15 percent stake.
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.
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