Archean Chemical Industries Ltd (ACIL) informed the exchange that it had approved investments in two companies: Clas-SiC Wafer Fab Limited in the United Kingdom and Offgrid Energy Labs Inc. in Delaware, USA. The announcement was made following a Board meeting held on October 25, 2024.
ACIL will invest a total of GBP 15 million in Clas-SiC Wafer Fab Limited, a UK-based Silicon Carbide (SiC) wafer foundry specializing in the development of SiC devices like MOSFETs and diodes, which are critical to energy-efficient green technologies, including electric vehicles (EVs) and renewable energy systems. The investment consists of a GBP 10 million primary subscription and a GBP 5 million secondary share purchase. This partnership will make ACIL the first Indian company to invest in a silicon carbide MOSFET production facility, providing it with exclusive access to the technology in India.
In line with its broader semiconductor ambitions, ACIL has also signed agreements through its subsidiary, SiCSem Private Limited, which focuses on the compound semiconductor space, specifically Silicon Carbide. The Indian company plans to build a silicon carbide manufacturing facility in Odisha within the next 24-36 months, positioning itself to cater to domestic and international markets. This facility will be a major milestone for India’s semiconductor mission, for which SiCSem has submitted an application that awaits government approval.
SiCSem has secured partnerships with key international companies to support its semiconductor venture. Notable collaborations include Clas-SiC Wafer Fab for SiC process technology, NoMIS Power from the USA for device design, Aixtron from Germany for epitaxial film deposition equipment, and IIT Bhubaneshwar for research and development in crystal growth.
Additionally, ACIL has committed to invest USD 12 million in Offgrid Energy Labs Inc., a Delaware-based startup that has developed a patented zinc bromide battery technology. The technology, which is optimized for renewable energy storage and low-power mobility solutions, offers notable cost and performance advantages, catering to markets that require regular deep charge and discharge cycles. The investment will provide ACIL with a 21% stake in Offgrid Energy Labs, marking its foray into advanced battery technologies.A