Himadri Speciality Chemical Ltd has announced a significant strategic investment of AUD 15 million (approximately ₹81.48 crore) in Sicona Battery Technologies Pty Ltd, an Australian startup that is transforming lithium-ion battery performance through cutting-edge Silicon-Carbon (SiCx®) anode technology.

This move aims to localize and commercialize Sicona’s proprietary battery materials technology in India, potentially making the country a hub for advanced lithium-ion battery production.

Who is Sicona Battery Technologies?

Sicona, based in Wollongong, Australia, is a next-generation battery materials company. Its core innovation lies in its SiCx® anode technology, which offers:

• Higher energy density

• Faster charging capabilities

• Seamless integration into current battery production lines

The technology is especially suited for electric vehicles (EVs) and renewable energy storage systems, two sectors seeing exponential growth globally and within India.

Sicona was incorporated on 27 June 2019, and although it currently has zero revenue over the last three years, its intellectual property and technological potential have attracted global attention.

Details of the Investment

Himadri will invest AUD 15 million (₹81.48 crore) through the subscription of 1.5 crore Compulsorily Convertible Notes (CCNs) priced at AUD 1 per note. The investment is planned in tranches over a period of 18 months.

Some important aspects of the deal include:

• The CCNs are not equity shares initially, but can be converted into equity under mutually agreed terms.

• No additional voting rights or control is being acquired by Himadri at this stage.

• The investment is a cash consideration, not a share swap.

• The transaction is not classified as a related party transaction under SEBI norms, despite Himadri's promoter Anurag Choudhary being a Director on Sicona’s board.

Regulatory and Transactional Framework

There are no regulatory or governmental approvals required for this investment.
The formal transaction documentation is expected to be completed within 15 business days, or at another date as mutually agreed.

This positions Himadri among the select few Indian companies making early-stage bets on deep-tech global startups, particularly those in the energy transformation ecosystem.

Strategic Objectives Behind the Acquisition

This partnership marks a turning point in India's ambitions to lead in EV battery production. Some core objectives of the acquisition include:

• Technology localization: Himadri gets exclusive licensing rights for Sicona’s SiCx® technology in India.

• Commercialization: The technology can be scaled up and integrated into India's existing battery manufacturing supply chain.

• Performance enhancement: SiCx® allows for higher energy density and faster charging, both of which are crucial for EV adoption and grid-scale energy storage.

This deal aligns perfectly with India’s energy transition goals and the Make-in-India initiative.

Why This Matters for India

India is aggressively pushing for domestic battery production capabilities, particularly with the PLI (Production Linked Incentive) schemes for Advanced Chemistry Cell (ACC) batteries.

By partnering with Sicona:

• Himadri ensures early access to one of the most promising anode technologies globally.

• It can become a key supplier in the EV ecosystem, which is expected to grow multi-fold over the next decade.

• The deal could open up licensing opportunities with other Indian battery manufacturers.

In essence, Himadri's investment puts India on the global map for advanced battery technologies.

Background on Himadri Speciality Chemical Ltd

Himadri Speciality Chemical Ltd is a prominent Indian company specializing in advanced carbon materials, with applications across sectors like:

• Battery materials

• Construction chemicals

• Performance additives

The company has consistently focused on R&D and innovation, and this investment in Sicona adds to its portfolio of high-tech, next-generation material solutions.

Financial Outlook and Future Steps

• This investment is structured to minimize financial risk, as the conversion of CCNs into equity depends on future performance and valuations.

• No immediate dilution or risk to shareholders of Himadri, making this a smart strategic bet on future technology.

• It also allows Himadri to enter the lithium-ion battery supply chain without setting up its own R&D from scratch.

Over time, if the SiCx® technology gains adoption in India, Himadri stands to benefit significantly, both in market leadership and licensing revenues.

Conclusion: A Forward-Looking Energy Bet

This partnership between Himadri and Sicona marks a major step in building India’s technological capabilities in energy storage.

By bringing Silicon-Carbon anode technology to India, Himadri not only positions itself at the forefront of battery material innovation but also strengthens India’s clean energy future.

This strategic investment:

• Enables technology transfer and localization

• Creates potential value through licensing and manufacturing

• Supports India’s goal of becoming self-reliant in advanced energy solutions

As EVs and renewable energy adoption grow, this move could be remembered as a pivotal inflection point for India's battery innovation ecosystem.

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