Diversified conglomerate SK Group closed a $250m investment in Shenzhen Londian Electrics, a China-based developer of electric equipment such as energy meters, yesterday.
Founded in 1996, Londian produces a wide range of power equipment products, from smart meters and distribution network automation technology to 5G communications power supply and solar photovoltaic equipment to lithium battery components and energy storage technology.
The investment will form the basis of a joint venture between the two companies, as Londian looks to become the top international producer of copper foil and enhance its presence in the advanced batteries and communications technology materials fields.
Electrolytic copper foil is a key material for lithium-ion batteries, and Londian, which oversees a business known as Lingbao Wason Copper Foil, already serves clients such as electronics provider Panasonic Electric Works, chemicals producer LG Chem and battery manufacturer Samsung SDI.
The company launched with $30m in funding in 1996, but does not appear to have revealed any additional funding details. SK Group’s strategic interest in the company was initially revealed in November 2018.
