Masan’s German tungsten firm invests $53.3 mln in UK battery maker
H.C. Starck Tungsten Powders has signed deals to invest £45 million ($53.34 million) in the UK-based fast-charging Li-ion battery solutions Nyobolt, the Vietnamese conglomerate Masan Group’s minerals unit said.
The investment, which represents the majority of Nyobolt’s Series B financing round and is for a 15% equity interest on a fully diluted basis, is expected to accelerate H.C. Starck’s vision of becoming a high-tech, value-added business by developing new tungsten applications critical for the technologies of the future, the Germany-based firm (HCS) announced Saturday.
“This investment marks a milestone in our strategy to move further downstream, and get closer to consumers by developing new, innovative applications including our recently trademarked “starck2charge” battery materials product range,” HCS CEO Hady Seyeda said.
“Nyobolt’s technology is a real breakthrough that we can help commercialize based on our vast experience in transferring innovative solutions into large-scale manufacturing. This partnership is also going to accelerate the development towards a circular economy for batteries via enhanced recycling and new models of use.”
Nyobolt is commercializing lithium-ion batteries with record power density and ultra-fast charge capabilities. The company’s technology builds on a decade of fast charge lithium-ion battery research led by University of Cambridge battery scientist Professor Dame Clare Grey. Nyobolt’s unique niobium and tungsten-based anode systems show superior performance over other Li-ion anode technologies.
The professor, Nyobolt co-founder and chief scientist, said: “The funding from HCS will help Nyobolt scale up our operations in the UK and United States, and bring a more sustainable solution into the energy storage industry.
“Nyobolt technology will not only enable net zero both in the electrification of transport, but also the storing of clean and renewable energy on and off the grid. With the investment, Nyobolt’s ultra-fast charging, high power batteries will help lead the way towards achieving the clean energy goals set by governments around the world.”
Sai Shivareddy, CEO and co-founder of Nyobolt, elaborated: “Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy – a need our technology addresses… With H.C. Starck investment and technologies, Nyobolt will expand its manufacturing capabilities while minimizing its carbon footprint with an effective recycle and reuse program.”

Nui Phao Mining Company in Thai Nguyen province, northern Vietnam, is part of Masan Group. Photo courtesy of Masan High-Tech Materials.
While the HCS investment will help fund Nyobolt’s construction of its anode manufacturing facilities and R&D centers, both parties anticipate significant synergies through future collaborations.
The future plans include creating a circular economy for electric vehicle batteries that leverage HCS’ recycling capabilities, and increasing tungsten supply. These collaborations will also take place in cathode technology manufacturing know-how and infrastructure, HCS said.
Ho Chi Minh City-based Masan Group is one of Vietnam’s largest listed multi-business corporations, operating in agriculture, food processing, coffee chains, retail, minerals, banking and financial services. Among the major investors in Masan are SK Group, South Korea’s third-largest chaebol, and Chinese giant Alibaba Group.
Masan is strongly developing its “Point of Life” strategy, a concept of minimarts providing banking services, essential products, food, coffee, tea and other beverages under one roof. The banking services, including new debit cards and credit cards, are provided by Techcombank, of which Masan owns around one-fifth.
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