British vacuum company Dyson completed the acquisition of battery technology company Sakti3. The media say the deal was worth $90m (£58m).
The acquisition follows an initial investment of £10m, something we reported on back in March 2015. Back then, Dyson bought an undisclosed amount of stake in the company.
Sir James Dyson, inventor and founder of Dyson, hopes the new acquisition will help him improve on his products by offering Sakti3's “solid-state” battery. The battery is expected to be used to extend the life of Dyson cordless and robotic cleaners between charges.
“If we are to continue to create new and disruptive technology we must develop more advanced core technologies,” The Telegraph cites Sir James saying.
“We have invested over £200m into the research and development of the Dyson digital motor, a technology that now powers our most successful machines. We will do the same with batteries. Sakti3 has developed a breakthrough in battery technology and together with Dyson we will make this technology a reality.”
Sakti3 founder, Ann Marie Sastry said the acquisition could enable both companies to make audacious leaps.
“Dyson, just like Sakti3, is driven by a desire for audacious leaps in technology. We are excited to join James and his outstanding team, together making our battery technology a commercial reality,” she said.
Sakti3, is a company which was created at the University of Michigan some ten years ago. Since then it attracted $50m (£32.3m) in equity investments from the likes of Khosla Ventures, Beringea, Itochu and General Motors.