Edinburgh battery technology company Dukosi has been sold to American private equity investment group KCK.
The California-based group which backs a range of technology businesses has acquired 100% of the share capital.
Dukosi develops cutting-edge technologies that transform the way batteries are designed, deployed and operated in applications such as electric vehicles, transport, grid energy storage and in industrial uses. The announcement said it would “continue to build its activities in Edinburgh and subsequently through global expansion”.
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.”
KCK invests across a broad range of sectors. It said it partners with experienced management teams and “takes a long-term view to build companies with differentiated solutions that solve real pain points.”
Dr Nety Krishna, KCK’s head of industrials and emerging technologies, 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 commercialisation plans to meet the massive market needs.”
Dukosi has been supported to date by IP Group plc, the Scottish Investment Bank (the investment arm of Scottish Enterprise) and investors from the Par Equity syndicate, growing the company each year and enabling core innovative ideas to be developed to advanced product status.
Jamie Vollbracht, a partner with 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.”
