Himadri Speciality Chemicals Ltd., has announced that it has made an additional investment in Sicona Battery Technologies Pty Ltd. The investment has been done through the subscription of compulsorily convertible notes (CCNs), the company said in a filing with stock exchanges.

Himadri Speciality has invested Australian Dollars 25,59,000 (around ₹17.54 crore) in cash for this tranche, subscribing to 25,59,000 CCNs with a face value of one Australian Dollar each. 

The move follows the company’s earlier announcement regarding further investments in Sicona through agreed tranches. “The additional investment made by the company is in line with Himadri’s vision to become the largest EV battery material company in the world,” the company said in a statement.

New South Wales based Sicona Battery Technologies produces silicon carbon anode materials that supercharge Lithium Ion batteries. The battery materials produced by Sicona delivers a 20% increase in energy density and allows batteries to charge 40% faster. Sicona Battery Technologies has 126 patents globally, the company said. Anurag Choudhary, Chairman and MD, Himadri Speciality Chemicals said, “The investments in Sicona Battery Technologies is an exclusive technology licensing partnership that grans Himadri the rights to access, localize and commercialise Sicona’s proprietary silicone-carbon anode technology in India.” 

Himadri is currently expanding capacity to cater to increased traction amongst cell manufacturers for different stages of sample approvals. The capacity expansion is scheduled to be completed by Q2FY27.

Prior to this latest infusion, the company had already invested AUD 1,41,94,000 (around ₹98 crore) in cash towards the subscription of 1,41,94,000 CCNs. Consequently, the company now cumulatively holds 1,67,53,000 CCNs in Sicona. The remaining investment for 16,94,000 CCNs is scheduled to be made in agreed tranches at a later date.

Himadri’s investment in Sicona Battery Technologies is structured in the form of CCNs, which means the company has not acquired any additional voting rights or control in Sicona at present. The notes are convertible into shares of Sicona as per the agreed terms between the parties. With these planned investments, finally the holding in Sicona could go up to 24% on conversion.