SKC Expands Battery Materials Sector By Investing In UK Manufacturer

SEOUL, Nov. 01 (Yonhap) – SKC Co., a chemical unit of South Korean No.3 conglomerate SK Group, on Monday announced that it will invest $ 33 million in a UK battery materials maker with two private equity funds and other investors in a bid to tap the growing industry.

SKC will form a consortium with BNW Investment and SJL Partners to invest a total of 80 million won in Nexeon Ltd, with the remainder to be invested by SJL Partners and a pool of other investors, the company said in a statement released after the announcement. approval of the board of directors.

Nexeon is a manufacturer of battery materials known for its unique technology of producing silicon anodes, a key component in electric vehicle (EV) batteries to improve EV mileage and battery recharge speed.

Through the deal, SKC will secure a stake in Nexeon and license its silicon-carbon composite anode materials technology, the company said.

The announcement came about a month after the SKC board rejected a proposed joint venture with the same UK company.

The rejection is believed to be due to a disagreement within the board of directors over the timing and feasibility of the joint venture plan, industry sources say, while others have speculated that the opposing side may have increased the increasing overlap in battery material investments between SK affiliates.

SKC has unveiled its plan to partner with industry players to further develop lithium-ion materials, with the goal of generating more than 80% of its sector revenues and setting a target of $ 30 trillion won in enterprise value by 2025.

On Monday, SKC said its operating profit more than doubled to 145.8 billion won in the third quarter from a year earlier, with revenue reaching 886.8 billion won, up 32. 8% over the same period.

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