Edinburgh-based next generation battery technology developer Dukosi announced on Tuesday it has been 100% acquired by San Jose-based investment firm KCK.
Dukosi is a developer of new technologies that transform the way advanced batteries are designed, deployed and operated in applications such as electric vehicles and grid energy storage.
Dukosi said it will continue to build its activities at its base in Heriot-Watt University Research Park and subsequently through global expansion.
Dukosi chief executive Nat Edington said: “The team and I are delighted to announce this exciting development for the company, as we move to bring our ground-breaking 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.”
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 commercialization plans to meet the massive market needs.”
Dukosi has been backed to date by investors including IP Group plc, the Scottish Investment Bank (the investment arm of Scottish Enterprise) and investors from the Par Equity syndicate.
Jamie Vollbracht, partner, Cleantech, IP Group Plc, 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.”
Scottish Investment Bank director Kerry Sharp 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.”