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Dyson Challenges Tesla With $1.4 Billion Battery Tech Investment

  • Company's efforts gets 16-million-pound boost from U.K. budget
  • Follows 2015 acquisition of U.S. battery-maker Satki3

Dyson, the U.K. producer of innovative vacuum cleaners and hand dryers, will spend 1 billion pounds ($1.44 billion) on battery development over the next five years as it increases its efforts to expand into new sectors.

It follows a 2015 acquisition of Satki3, a U.S. maker of solid-state lithium-ion batteries, for $90 million. Dyson Ltd. had previously invested $15 million in the Michigan firm, which said it has found a way to produce batteries with twice the energy storage potential of standard lithium-ion models, at a half to a third of the cost.