Himadri Speciality Chemical acquires 16.24% stake in International Battery Company Inc.
Himadri Speciality Chemical (HSCL) has announced a strategic investment of USD 4.43 Million (approx. ₹ 37.47 crore) to acquire a 16.24% stake in International Battery Company, Inc (IBC), a U.S. headquartered technology developer and manufacturer of chemistry-agnostic prismatic Lithium ion (Li-ion) cells. The investment, made through a combination of preferred and common shares, gives Himadri representation on IBC's board. This is a significant milestone for Himadri, marking the start of the commercial deployment of its LFP Cathode active and anode materials.
IBC is a leading innovator in prismatic cell technologies designed for energy storage and mobility applications across global markets. It operates a 50MWh lithium-ion battery cell facility in South Korea, which began production in 2023, and is developing a Gigafactory in Bengaluru, India, through its Joint Venture with Mahanagar Gas Limited (MGL is a Subsidiary of GAIL)- IBC India Pvt Ltd wherein MGL owns a 44% stake. The Bengaluru Gigafactory is scheduled to commence operations by Q4 FY26. Through IBC India Pvt Ltd, the company aims to play a pivotal role in India's energy transition. The Bengaluru facility will cater to last-mile B2B fleet providers and 2- and 3-wheeler OEMs, while also supporting global battery cell exports. IBC has already penetrated the EV market with over 500 EVs already running satisfactorily on its battery packs made using its NMC-based Prabal 1000 (NMC-622 cathode chemistry) Li ion cells currently manufactured in South Korea. IBC has an open order book of 4,300 electric 2-wheelers from six customers. Through the Bengaluru Gigafactory, IBC is also poised to cater to the captive energy demand from MGL's vehicles. IBC is presently developing its LFP-based Prabal 2000 using Himadri's LFP cathode active and anode materials with a robust product roadmap through the partnership with Himadri in play.
Through this alliance, Himadri gains strategic access to IBC's robust manufacturing infrastructure in South Korea and its upcoming Gigafactory in Bengaluru, enabling commercial testing and deployment of its New Energy Materials. This partnership also opens the doors for Himadri to further enhance its global reach by tapping into IBC's rapidly expanding customer base across the U.S., India, and East Asia. In return, IBC secures a reliable supply of high-quality anode and cathode materialscritical to battery performance and costwhile benefiting from Himadri's deep expertise in materials science, supply chain management, and global market presence. The collaboration is further strengthened by access to IBC's proprietary Industrial AI platform, which will drive faster innovation and co-development of advanced materials. Importantly, the successful commercialization of Himadri's LiB materials through IBC's platforms will open up significant global market opportunities, positioning Himadri as a key supplier in the international battery materials value chain.
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