Since 2018, Daikin Chemicals division has been collaborating with OCSiAl to develop applications in the fluorochemical business for lithium-ion battery materials as well as composite materials. Daikin Invested in OCSiAl in order to jointly accelerate the global development of battery materials for EVs. In accordance with the terms of the agreement, the valuation of OCSiAl is c. $2bn on a fully diluted basis.
Along with the subscription agreement, the two companies have signed a cooperation agreement to develop, produce, and market solutions based on single wall carbon nanotubes (“SWCNTs”), a super material and a product of OCSiAl, for next-generation lithium-ion batteries and fluoropolymers, which comprise a substantial part of Daikin’s business.
Headquartered in Osaka, Daikin is a global no. 1 air conditioning manufacturer and a leader in fluorine technologies, with net sales of over $17bn in more than 160 countries. As an innovation leader, Daikin is pursuing three cutting-edge core technologies: energy savings, heat transport and absorption.
OCSiAl is the world’s largest manufacturer of SWCNTs, a transformative material with a potential to impact a $3tln materials market, including batteries, electric vehicle components, tyres, coatings and others. Based in Luxembourg, the company employs more than 420 people in offices globally.