Daily Update: Sharon AI Secures $1.6B Financing; Sicona Lands $45M ARENA Grant; IMCD to Acquire Thailand’s Merit Solution; Eacon Group Launches HK IPO with Strong Cornerstone Demand; Ohmyhome Moves to Privatise Core Business

AUSTRALIA’S SHARON AI CLOSES US$1.6 BILLION STRATEGIC FINANCING

SharonAI Holdings, Australia-based Neocloud, Monday said it has closed a US$1.6 billion private placement financing. 

The transaction was comprised of  a private placement of approximately US$900 million, and  a private placement of US$700 million aggregate principal amount of 4.75% Convertible Senior Notes due 2032 to qualified institutional.

The transaction was anchored by Situational Awareness and funds managed by Oaktree Capital Management,  along with new and existing institutional and strategic investors.

The company intends to use the proceeds from the offering to support Sharon AI’s six-year strategic compute collaboration with NVIDIA, where the Company intends to deploy one of Australia’s largest AI Factories, including up to 40,000 Grace Blackwell GB300 GPUs, as well as broader expansion plans.

Goldman Sachs acted as lead placement agent for this transaction. Lucid Capital Markets also acted as placement agent. Macquarie Capital served as financial advisor. Sheppard Mullin Richter & Hampton served as legal counsel to Sharon AI in connection with the private placement.

AUSTRALIAN BATTERY COMPANY SICONA LANDS $45M ARENA GRANT TO OPEN BATTERY MATERIALS PRODUCTION FACILITY

Australian battery technology company Sicona Battery Technologies has secured $45 million from the Australian Renewable Energy Agency (ARENA) to build and operate its first commercial-scale silicon-carbon battery anode material production facility in the Illawarra region.

As part of this, Sicona and BlueScope Steel Limited have entered into an exclusivity agreement to assess the potential development of the facility within BlueScope’s Port Kembla precinct.

The new facility will scale production of Sicona’s advanced silicon-carbon battery anode material, SiCx, to produce up to 230 tonnes per annum for advanced customer qualification and commercial sales.

The ARENA grant will be delivered under the Australian Government‘s Battery Breakthrough Initiative, which supports the growth of domestic battery manufacturing capability and strengthens Australia’s position in the global battery supply chain.

It marks a major validation point for Sicona as it moves from technology development into commercial scale-up, with its materials also being developed for applications across AI data centres, power tools, defence, robotics, and other high-performance battery markets in addition to electric vehicles.

The capital injection will help Sicona meet its ambition to build sovereign battery materials manufacturing capability in Australia, while proving the country can compete in higher-value global battery supply chains.

Christiaan Jordaan, Founder and CEO of Sicona Battery Technologies, said: “ARENA’s support is a major endorsement of Sicona’s technology, our team, and Australia’s ability to build globally relevant battery materials manufacturing capability.

“Battery-powered industries need higher performance at lower cost. Our silicon-carbon anode technology is designed to deliver faster charging, greater energy density and a scalable pathway into existing lithium-ion battery supply chains.

“While EVs remain a major opportunity, some of the fastest-growing demand is coming from AI data centres, robotics, drones and power tools. These applications need high energy and power density today, and SiCx is designed to help meet that demand. The Wollongong facility will allow us to validate our process at commercial scale, deliver SiCx to customers, and accelerate our entry to multiple markets.

“It also shows Australia can do more than export unprocessed critical minerals. We can manufacture advanced materials, create skilled jobs, and compete in the high-value battery supply chains that will power the global energy transition.”

Darren Miller, CEO of ARENA, said: “Sicona is developing the kind of next-generation battery technology that can help Australia move further up the global battery supply chain.

“Improving battery performance is critical to accelerating the uptake of electric vehicles and supporting the transition to a net zero economy.

“Sicona’s technology has the potential to deliver faster charging, longer driving range and lower-cost batteries. The technology has undergone independent testing and is already being evaluated by global battery manufacturers and electric vehicle companies, highlighting its strong commercial potential.

“By supporting Sicona’s Wollongong facility, ARENA is helping build the domestic manufacturing capability Australia needs to turn battery innovation into commercial supply.”

The development of the Wollongong facility is expected to create up to 36 skilled manufacturing jobs and support workforce development, training, and local industry partnerships.

It follows a May 2025 licensing and strategic partnership with Himadri in India, including an AU$17.5 million follow on investment, and comes as Sicona is also planning a 6,500 tonne per annum commercial facility, with longer-term expansion potential to 26,500 tonnes per annum.

THAILAND BASED MERIT SOLUTION TO BE ACQUIRED BY IMCD

Netherlands based IMCD N.V., a global player for the distribution and formulation of speciality chemicals and ingredients, Monday said it has signed an agreement to acquire 100% of the shares in Merit Solution,, a distributor of additives serving the plastics and compounding industry in Thailand.

Merit Solution serves a diverse range of applications, including plastics, construction, and adhesives.

Merit Solution will bring in a team of 24 employees and is operated from its offices and laboratory in Bangkok. The company generated revenues of approximately THB 406 million in 2025.

Pichit Pornthanalert, Managing Director, IMCD Thailand, commented, “The acquisition will strengthen IMCD’s position as a comprehensive solution provider for the plastics and compounding market in Thailand and Southeast Asia. We are excited to gain scale, welcome a talented team and deepen our supplier and customer relationships.”

The management team of Merit Solution added: “Combining Merit Solution’s plastic additives expertise with IMCD’s existing portfolio allows us to offer a truly holistic solution platform to compounders and converters. With a broader product range and a strengthened local presence, we are now better equipped to support our customers in enhancing product performance, processing efficiency and durability, and offering more sustainable solutions.”

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026.

EACON GROUP’S HONG KONG IPO DRAWS FIDELITY, JPMORGAN AND BARINGS

China-based EACON Group, Monday said it launched the global offering of its H-shares, marking the official start of its Hong Kong listing process. 

According to an announcement on the HKEX website, EACON plans to offer over 26 million shares globally, targeting gross proceeds of approximately HK$2.12 billion to HK$2.30 billion.

The company which is a provider of autonomous driving solutions for mining areas, EACON has secured a premium cornerstone investor base for its Hong Kong listing. 

Eleven institutional investors — Zijin Mining, XCMG, Fidelity International, J.P. Morgan Asset Management (Asia Pacific), Barings, Indus Funds, Jain Global, REGAL, GF Funds, CDH, and Seven Grand — have committed capital as cornerstone investors, taking total cornerstone subscriptions to the regulatory cap of approximately 50% of the offering. 

The roster spans global industry leaders, blue-chip international long-term capital, multi-strategy funds and leading Chinese institutional money, a vote of confidence that arrives amid broader market volatility and positions EACON to debut as the world’s first listed autonomous-mining-truck company.

According to the prospectus, EACON has completed 11 financing rounds since its founding, raising a cumulative RMB 2.059 billion from investors including Zijin Mining and CATL, alongside institutions such as NIO Capital, Eight Roads, Hony Capital and Gaocheng Capital.

Zijin Mining — the world’s third-largest mining company by market capitalisation — first recognised the value of EACON‘s technology in 2021, leading the company’s Series B1 round, and added more than RMB 300 million alongside other institutions in 2024. 

Ahead of EACON‘s listing application, CATL invested over RMB 400 million to co-lead its Series D round. In this offering, Zijin returns as a cornerstone investor, with its global resource footprint expected to support EACON’s international expansion. 

XCMG, a construction-machinery manufacturer consistently ranked among the world’s top three and number one in China, has also come in as a cornerstone investor — underscoring how EACON has become a pivotal connector between mine operators and equipment manufacturers across the value chain.

Beyond industrial-sector backing, EACON has drawn a broad base of global long-term capital, including top-ten international asset managers Fidelity International, J.P. Morgan and Barings; multi-strategy funds Indus Funds, Jain Global and Regal; emerging US manager Seven Grand; and leading Chinese long-term investors GF Funds and CDH. 

Notably, Regal, an Australian asset manager founded in 2004 with a strategy heavily weighted toward resources and mining, is participating as a cornerstone investor in a Hong Kong IPO for the first time in more than two decades — signalling confidence in EACON’s prospects for expansion into the Australian market.

As of 31 December 2025, EACON operated 2,580 active autonomous mining trucks, the largest fleet globally. Annual haulage mileage rose from 4.6 million to 61.8 million kilometres, and annual material volume grew from 30.6 million to 308 million cubic metres, while the company maintained a safe operating record for six consecutive years. 

According to Frost & Sullivan, the global autonomous mining solutions market is projected to grow from approximately US$1 billion in 2025 to US$7.3 billion by 2030, a compound annual growth rate of approximately 47.4%.

As artificial intelligence converges with the physical world, autonomous driving is emerging as a critical link in the physical-AI value chain. Through its scaled deployment of autonomous trucks and digital mining platforms, EACON has built a closed-loop system spanning mining-focused embodied intelligence, physical AI and spatial intelligence — a barrier built on physical data collection, mechanism-based reasoning and global coordination, positioning the company for accelerating near-term automation in open-pit mining and significant medium-to-long-term upside.

As autonomous mining trucks take on work in hazardous environments, the technology is becoming a core driver of the broader shift toward intelligent, large-scale mining operations — enhancing safety while opening the door to commercialisation across the sector. Backed by a deep bench of capital, EACON is positioning itself at the forefront of that transition.

SINGAPORE’S OHMYHOME ANNOUNCES STRATEGIC RESTRUCTURING TO PRIVATISE CORE REAL ESTATE BUSINESS

Ohmyhome,  Singapore-based property solutions company, has announced a strategic corporate restructuring aimed at privatising its core property business. This move follows an official disclosure filed with the US Securities and Exchange Commission by the US-listed entity, Ohmyhome Limited.

Ohmyhome’s real estate brokerage and property-related services will transition out of the US public markets to operate as a privately held entity. The move separates the core regional property platform from the US-listed corporate shell, allowing the property business to optimise its capital structure and focus on long-term growth in Singapore.

Ohmyhome’s founders, Rhonda Wong and Race Wong are taking the core real estate business fully private, separating the regional property platform from the US public market to optimise its capital structure and focus on long-term growth.

The transaction is a reorganisation of the Group’s corporate architecture. There will be no change to Ohmyhome’s leadership team, day-to-day business operations, service offerings, or strategic direction. Customers, partners, and employees can be assured that the business they know continues without interruption.

“This restructuring reflects our commitment to building a more agile and resilient organisation. The privatisation of Ohmyhome Pte Ltd is a natural next step in our corporate evolution – one that enhances operational clarity while preserving everything our customers, partners, and team value about Ohmyhome. Nothing changes in terms of who we are, what we do, or how we serve our clients,” Rhonda Wong, Co-Founder and CEO, Ohmyhome.

The privatisation process has been structured to ensure zero disruption to local operations in Singapore and Malaysia, where majority of its businesses reside. Ohmyhome and its regional subsidiaries will continue providing suite of property services across Singapore.

Ohmyhome Pte Ltd will operate as a wholly owned subsidiary within the restructured Group. The privatisation process is being conducted in full compliance with applicable regulatory requirements and corporate governance standards.

This transaction represents a deliberate and orderly corporate restructuring designed to streamline the Group’s legal structure and operational governance.