Lotte Energy Materials Corp. said Sunday it has signed a deal to make a 7.9 billion-won (US$6.2 million) equity investment in a French electric vehicle battery materials startup as part of its plans to enter the next-generation silicon anode market.
In an investment agreement signed Friday, Lotte Energy Materials, the new copper foil unit under South Korea's Lotte Group, will set up a separate fund to invest money in the French company, Enwires.
Based on the investment, the South Korean company expects to develop a silicon compound with Enwires and mass-produce high-performance silicon anodes.
Enwires, founded in 2016, possesses silicon nanowire-based composite technologies and has an annual production capacity of 2.5 tons.
Silicon anodes are an emerging EV battery component that enhances mileage and battery recharging speeds.
Source: Yonhap News Agency