Oil conglomerate Koch Industries, invests in electric startups!
Koch Industries Inc., the energy-based conglomerate whose CEO long opposed environmental regulation,
has emerged as one of the biggest financial backers of the battery industry!!
- CEO Charles Koch has fought climate regulation,but now his company is now spreading investments across the U.S. battery supply chain
Stats don’t lie,
as Koch Industries made over 10 investments worth at least $750 million in the U.S. battery supply chain and electric vehicles in the past 18 months, according to FactSet data show.
Koch’s battery investments are among the biggest from outside the auto industry, analysts conclude.
*Koch’s tweet on Company values
From making everyday products to developing groundbreaking innovations, none of it is possible without our people.
To the more than 122,000 principled entrepreneurs across Koch companies: Thank you for everything you do. #EmployeeAppreciationDay pic.twitter.com/8DMniDduax
— Koch Industries (@KochIndustries) March 4, 2022
Founded more than 80 years ago as an oil refiner,
Koch Industries is now the most diversified U.S. battery investor, said Vivas Kumar, a former Tesla Inc. senior manager and industry analyst.
Koch Industries is now a top shareholder in startups such as Freyr Battery Aspen Aerogels and Standard Lithium
While the ‘cash stimulus’ comes at a crucial time for these companies, which need to spend heavily to commercialize their products, as
- Koch appears to be focused on building up the battery industry in the U.S.
“The speed of the energy transition is directly correlated with companies like Koch participating in it,” said Tom Jensen, CEO of Freyr, a Norway-based company working to make low-cost, sustainable batteries.
- Koch Industries has a 10% stake in Freyr, worth about $120 million as of the end of last year, according to FactSet.
- Koch Industries operates thousands of miles of pipelines that move oil and gas around the country and several large refineries.
- The company posts annual sales of over $120 billion
Koch Industries has targeted companies that aim to provide raw materials for batteries, including lithium producer Standard Lithium and battery recycling company Li-Cycle Holdings
*Most battery materials are produced overseas, often in China, and shortages have driven up prices.
