Dymag, a producer of lightweight wheels for the automotive industry, has announced new investment into its business that will accelerate mass production of its technology, the company said in a statement.
Building on an existing partnership with Hankuk Carbon, manufacturers of advanced carbon materials, the South Korean company is now an investor, but the value of the investment has not been revealed.
In a statement, the company said Hankuk Carbon’s funding and expertise is “set to further leverage Dymag’s brand and experience in lightweight carbon hybrid wheels for high-performance and luxury vehicle manufacturers”.
Hankuk Carbon is the latest investor in Dymag, following on from funding from the UK government’s Advanced Manufacturing Supply Chain Initiative (AMSCI), alongside several rounds from Puma Private Equity, underlining Dymag’s momentum and position as a British manufacturing success story.
Combined with new investment from Hankuk Carbon, Dymag will be able to accelerate time-to-market and enable economies of scale in the manufacturing of carbon hybrid wheels, the company said in a press release.
Lighter, stiffer and stronger than a traditional cast alloy wheel, Dymag’s carbon hybrid wheels bring huge advantages to all vehicle sectors, particularly electric vehicles, the statement said.
Tom de Lange, CEO of Dymag, said: “Lightweight carbon hybrid wheels bring a vast array of benefits for vehicles – particularly EVs – with no development costs. Thanks to new investment from Hankuk Carbon, combined with the funding we have already received from the UK government and Puma Private Equity, we are now entering the next exciting phase in our journey, bringing our game-changing lightweight wheel technology to a wider audience of global automotive customers.”
Moonsoo Cho, Chairman of Hankuk Carbon Group, said: “The core objective of our strategic partnership with Dymag has always been to accelerate the growth in the global market potential for high-performance carbon hybrid wheels. Building on our existing relationship, we have now become a strategic investor in Dymag, and with this investment, we will be further leveraging Hankuk’s expertise in composite materials and industrialisation to automotive customers around the world.”