SKC, the chemicals unit of South Korea’s No. 3 conglomerate SK Group, said Wednesday it has invested $80 million with partners to secure next-generation electric vehicle battery technologies.

According to SKC, it formed a consortium with SJL Partners, BNW Investment and Kiwoom PE and invested $80 million in Nexeon, which develops materials that go inside the minus sides of electric vehicle batteries.

Through the investment, the consortium secured a partial stake in the British firm and earned business rights to the company’s advanced battery materials. The consortium, led by SKC, aims to mass-produce the materials in 2024.

Electric vehicle batteries have plus sides and minus sides. Typically, the minus sides are made of graphite, the same material found inside pencils. Graphite helps the batteries to stabilize.

To further enhance the performance of the batteries, the industry is adding silicon to graphite. Established in 2006, Nexeon is equipped with technologies and patents to mass-produce a mixture of silicon and graphite in a short period, SKC says.