Himadri Speciality Chemical invests additional AUD 1.69 million in Sicona Battery Technologies

Himadri Speciality Chemical has approved a further investment in Australian company Sicona Battery Technologies (Sicona) through the subscription of compulsorily convertible notes (CCNs) in agreed tranches.

The company has already invested AUD 16.753 million in cash towards the subscription of 16.753 million CCNs, each with a face value of AUD 1.00. It has now remitted an additional AUD 1.694 million in cash for the subscription of 1.694 million CCNs.

Following the latest investment, the company cumulatively holds 18.447 million CCNs in Sicona.

“Since the aforesaid investment is being made in the form of CCNs, the Company has not acquired any additional voting rights/ control in Sicona at present. The CCN will be convertible into shares of Sicona as per agreed terms,” said the company.

Sicona, based in Sydney, specializes in high-capacity silicon anode technology for lithium-ion batteries. The company claims its innovative battery materials technology delivers a +20% increase in energy density and an +40% increase in the charge rate over conventional graphite-only Lithium-ion battery cells.