Dec. 3 (Bloomberg) -- Sekisui Chemical Co. surged to a record in Tokyo trading after a newspaper reported the Japanese builder and maker of plastics used in construction developed a material that triples electric-car battery capacity.
Sekisui Chemical rose as much as 20 percent to 1,448 yen in Tokyo, headed for its highest on record, before trading at 1,371 yen as of 10:16 a.m.
The company developed a silicon-based material for use in lithium-ion car batteries that can store three times as much power as existing cells, the Nikkei newspaper reported today, without saying where it obtained the information. Shinichiro Nakamura, a spokesman for Sekisui Chemical, said the company is not the source of the report and he declined further comment.
Sekisui Chemical also expects the material to cut battery production costs by more than 60 percent and to begin mass production in 2015, the report said.
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