The company, a subsidiary of Tokyo-based 3Dom Alliance Inc., is making its debut under the symbol NCNC after merging with the blank-check company Prime Number Acquisition I Corp, it said in a statement. It plans to enter the domestic leasing business with electric vehicles that use its battery separator technology to help improve longevity and heat resistance.
The company will use the $150 million it obtained through an equity line of credit to further develop and eventually commercialize products to bolster its sustainability and decarbonization efforts, noco-noco’s Chief Executive Officer Masataka Matsumura told Bloomberg News. Batteries equipped with its separators will reach the market sometime in 2024, he said.
Separators play a vital role in a battery’s energy density and stability. They typically isolate the battery’s cathode and anode with a thin layer of electrolytes that allow ions to freely pass but keep both electrodes from touching, thereby preventing a short circuit. 3Dom drew attention last year after Heizo Takenaka, former chairman of employment solutions company Pasona Group and a former minister under Prime Minister Junichiro Koizumi, became a board member. According to Matsumura, Takenaka is slated to become chairman of noco-noco with the company’s listing.