Tech firm acquired
Battery developer Dukosi sold to NY investment group KCK
Dukosi, the Edinburgh-based developer of battery technology, has been acquired by New York based investment group KCK.
Terms of the deal were not disclosed but it represents a significant exit from its investors, including IP Group, the Scottish Investment Bank, and investors from the Par Equity syndicate.
KCK, an investment group, invests across a broad range of sectors and takes a long-term view to build companies with differentiated solutions.
Dukosi chief executive, Nat Edington, said the deal comes ahead of bringing its technologies to market.
“KCK shares our vision and ambitious plans for the business, and I very much look forward to working with them to ensure Dukosi technology is at the forefront of the next generation of batteries,” he said.
Dr Nety Krishna, KCK’s head of industrials and emerging technologies group, said: “Dukosi represents a key module for next generation battery systems. We are looking forward to working with the team to accelerate the development and commercialiasation plans to meet the massive market needs.”
Jamie Vollbracht, Partner, Cleantech, IP Group, said: “IP Group first invested in Dukosi in 2014, seeing the potential for Dukosi’s disruptive technology in the rapidly growing battery market.
“We have worked closely with the business ever since and through multiple investment rounds, built a substantial stake. This sale marks the start of the next phase for the business and represents a great result for all stakeholders.”
Kerry Sharp, director, the Scottish Investment Bank, said: “We have supported Dukosi for more than seven years, including SIB investment and Scottish Enterprise grant funding. We’re excited to see it enter the next phase in its growth journey as part of KCK and look forward to continuing our already-strong strategic relationship.”