Dymag, a world leader in lightweight wheels for the automotive industry, has announced further new investment into its business which will accelerate the global mass production of its game-changing technology.
Building on an existing partnership with Hankuk Carbon, manufacturers of advanced carbon materials, the South Korean company is now an investor, its significant funding and expertise set to further leverage Dymag’s brand and experience in lightweight carbon hybrid wheels for high-performance and luxury vehicle manufacturers, including electric vehicles, bringing its technology to an ever wider audience of automotive OEMs.
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. Focusing on a uniquely scalable and localised approach, the two companies will bring state-of-the-art lightweight composite wheels to more mass-market performance vehicles rapidly, cost-effectively, and sustainably.
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. Already seen on the world’s leading high-performance cars and SUVs, the company is in advanced stages with multiple global OEMs regarding further lightweight wheel supply agreements.
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.”
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.”