SEOUL, July 16 (Yonhap) — 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.
Officials from Lotte Energy Materials Corp., Lotte Ventures and Enwires pose for a photo after signing an equity investment agreement in Seoul on July 14, 2023, in this photo provided by Lotte Energy Materials. (PHOTO NOT FOR SALE) (Yonhap)
brk@yna.co.kr
(YONHAP NEWS)