Masan plans to acquire stake in UK’s fast charging battery startup Nyobolt
Vietnam’s conglomerate Masan Group plans to inject an extra VND510 billion ($20.1 million) into its wholly-owned subsidiary The Sherpa, with an aim to acquire a stake in Nyobolt Limited, a UK-based fast-charging Li-ion battery solutions company.
Masan Group wants to buy stake in Nyobolt Limited. Photo courtesy of Nyobolt.
The plan was mentioned in a resolution newly issued by the board of directors of Masan, listed on the Ho Chi Minh Stock Exchange as MSN.
Masan High-Tech Materials (MSR), a subsidiary of Masan, held a 21.5% stake in Nyobolt for VND1.43 trillion ($56.6 million) as of September 30.
Founded in April 2020, MSR oversees the Nui Phao mining project in the northern province of Thai Nguyen.
In July 2022, H.C. Starck Tungsten GmbH (HCS), under Masan, invested £45 million ($57.1 million) in Nyobolt for a 15% equity interest on a fully diluted basis.
In May 2024, MSR signed a framework agreement with Mitsubishi Materials Corporation. Under the agreement, the latter will acquire all of HSC from Masan. The deal includes a long-term offtake agreement for ammonium paratungstate and tungsten oxide.
Masan Group expects that the full divestment of HCS will enhance the group's consolidated profits and support its goal of reducing the net debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) ratio to 3.5x or lower.
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