South Korea’s HS Hyosung Advanced Materials Corporation (Hyosung) is expanding into the battery materials sector with the acquisition of a majority stake in a subsidiary of Belgian materials technology and recycling group Umicore BV.
Hyosung has agreed to acquire an 80% stake in Extra Mile Materials BV, a developer of silicon composite anode materials headquartered in Brussels, with Umicore retaining a 20% stake. The acquisition will allow the South Korean company to enter a “rapidly growing” global battery materials market, with the company expecting electric vehicles (EVs) to account for 40% of global vehicle sales by 2030, up from 20% at present.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
According to reports, HS Hyosung acquired EMM following a EUR 120 million investment in Umicore, with Hyosung also agreeing to establish a separate joint venture with Umicore, pending approval from the Belgian government. The acquisition will allow Hyosung to secure “technologies and intellectual assets” to allow it to expand in the battery materials business.
Hyosung expects silicon anodes to replace graphite anodes in lithium-ion EV batteries, as they offer much higher energy density, faster charging and improved driving range.
Umicore confirmed that it has entered into a strategic partnership agreement with Hyosung to “advance and fund the industrialization, commercialization and further development of its silicon-carbon composite anode materials for electric vehicle (EV) lithium-ion batteries,” adding that “after more than a decade of research and development, Umicore’s flagship center for anode technology in Olen, Belgium, is ready to transition to industrial-scale production.”
Umicore’s CEO, Bart Sap, said in a statement: “Umicore’s silicon-anode technology, protected by over 30 patent families, is unlocking key benefits for the EV industry, including higher energy density, longer battery range and faster charging, while ensuring supply security at reduced cost and lower carbon emissions. Umicore’s proprietary anode materials are in qualification at multiple globally leading battery cell makers.”
