Shares of Himadri Specialty Chemical edged higher in the early hours of May 31 after acquiring a stake in a Sydney-based battery technology company.

Himadri invested A$10.32 million (cash) in Sicona Battery Technologies Pty Ltd for a 12.79% stake.

Sicona develops next-generation battery material technologies for lithium-ion (Li-ion) battery anodes (negative electrodes), enabling electric vehicles and renewable energy storage.

Sicona is commercialising an innovative silicon-composite battery anode material technology developed and perfected by the Australian Institute of Innovative Materials (AIIM).

Sicona’s current generation silicon composite anode technology has a capacity 50-100% higher than traditional graphite anodes, and its anode material has a battery energy density more than 50% higher than current lithium-ion batteries, the company said in a press release.

The company’s investment will accelerate Sicona’s product and technology development, including the engineering of its first commercial-scale production facility in the United States, and will help accelerate the commercial development of its technology, the company added.

The technology pioneered by Sicona has strong synergies with Himadri’s current and future business portfolio and will help accelerate the Australian company’s business plans, the company said.

Anurag Choudhary, Chairman and Managing Director of Himadri Specialty Chemical, said: “Sicona’s groundbreaking research and cost-effective and highly scalable silicon anode manufacturing method perfectly complements our strategic objectives.”

At 9:37 am, Himadri Specialty Chemical was quoted at Rs 126, up Rs 0.20 or 0.16% on the BSE.

The stock hit a 52-week high of Rs 131.50 and a 52-week low of Rs 55.40 on May 26, 2023, and June 20, 2022, respectively. It is trading 4.18% below its 52-week high and 127.44% above its 52-week low.