SKC said on Monday that it will invest US$33 million in UK’s silicon anode firm Nexeon.
Together with private equity funds SJL Partners and BNW Investment, a total of US$80 million will be invested in Nexeon, SKC said.
Nexeon was founded in 2006 and has technology that allows for fast and affordable production of silicon anode used in batteries, the South Korean material firm said.
It also has the most patents related to silicon anode and is receiving attention for battery makers and electric vehicle makers, SKC said.
SKC said it plans to enter the global silicon anode market first and once the market opens, it will form a joint venture with Nexeon to commercialize battery anodes that contains high amounts of silicon.
The South Korean firm will also collaborate with its subsidiary SK Nexillis, which manufactures copper foils used in batteries, to expand its presence in the battery supply chain, SKC said.
Meanwhile, SKC recorded 880 billion won in revenue and 150 billion won in operating profit during the third quarter, an increase of 32.8% and 139.1%, respectively, from a year ago.