Asian Tech Press (Nov 02) -- SKC, the chemical subsidiary of South Korea's third-largest conglomerate SK Group, said it will invest $33 million in British battery materials maker Nexeon, according to media reports.

SKC said it will form a consortium with private equity funds SJL Partners and BNW Investment to invest a total of $80 million in Nexeon.

SKC and BNW Investment will contribute 51% of the investment, while SJL Partners will recruit additional investors to handle the remaining 49%. Through this transaction, SKC will acquire a portion of Nexeon's shares.

Founded in 2006, Nexeon has the technology to produce silicon anodes used in batteries quickly and inexpensively. Silicon anode is a key component in electric vehicle batteries, improving the range and charging speed of electric vehicles.