Investment27 Oct 2024, 02:18 pm
Archean Chemical Industries to Invest $12 Million in Offgrid Energy Labs and GBP 15 Million in Clas-SiC Wafer Fab Limited
AI Summary
Archean Chemical Industries Ltd (ACIL) has approved investment(s) in Clas-SiC Wafer Fab Limited, a UK-based company specializing in silicon carbide (SiC) MOSFETs/device manufacturing, and Offgrid Energy Labs Inc, Delaware, USA, specializing in zinc-bromide battery technology. The company will invest GBP 15 million in Clas-SiC Wafer Fab Limited and USD 12 million in Offgrid Energy Labs Inc. This move aligns with ACIL’s broader semiconductor initiative through SiCSem Private Limited and its strategy to enter the energy storage sector.
Key Highlights
- ACIL to invest GBP 15 million in Clas-SiC Wafer Fab Limited, a UK-based Silicon Carbide wafer Foundary.
- This investment will secure technology exclusivity in India and align with ACIL’s broader semiconductor initiative through SiCSem Private Limited.
- ACIL to invest USD 12 million in Offgrid Energy Labs Inc, an IP-led company specializing in zinc-bromide battery technology.
- This investment will enable the Company to support Offgrid’s requirement of speciality chemicals, manufacturing scale-up, and participate in the rapidly growing energy storage market.
- The global demand for stationary energy storage is expected to exceed $30 billion by 2030, driven by renewable energy integration and grid modernization.