Chippenham’s Dymag announces latest investment

By Sam Pither

27 April 2023

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Dymag, the Chippenham-based lightweight wheel manufacturer, has announced its latest investment, which comes from Hankuk Carbon.

The funding from the South Korean advanced materials manufacturer will be used to further the global mass-production of Dymag’s technology, which is lighter, stiffer and stronger than a traditional cast allow wheel, which is particularly useful for electric vehicles.

It follows previous funding from the UK government’s Advanced Manufacturing Supply Chain Initiative (AMSCI), alongside several rounds from Puma Private Equity. The combined investment will help to accelerate Dymag’s time-to-market and enable economies of scale in the manufacturing of carbon hybrid wheels.

Tom de Lange, CEO of Dymag said: “On behalf of all at Dymag, I am delighted to announce that Hankuk Carbon is now an investor in our business, building on the strategic partnership we signed last year. 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.”

Mr. 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.”

Hankuk Carbon Group was advised on the deal by Charles Russell Speechleys, led by Corporate Partner Rebecca Burford and Associate Mike Barrington.

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.