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Kenges Rakishev offers space-grade technology for mere mortal investors

Is StoreDot XFC actually a target of Kenges Rakishev's OXUS Acquisition Co?

06.Jan.22 9:26 AM
By Shawn Highstraw
Photo StoreDot


Kenges Rakishev offers space-grade technology for mere mortal investors
Kenges Rakishev, a businessman from Kazakhstan, already has a successful experience of investing in technology startups. Fincraft Holding, where Rakishev is chairman of the Board of directors, owns several successful companies in the field of energy technologies. "We believe that companies working in the field of alternative energy will grow significantly in the coming years," Rakishev commented after the placement of the new company on NASDAQ.

NASDAQ columnist Larry Ramer has selected 4 of the most promising specialized companies for targeted mergers and acquisitions (Special purpose acquisition company, or SPAC for short), which investors should look at in the near future.

Many well-known business giants entered the market through such "fund companies". For example, Richard Branson's space tour operator Virgin Galactic. In October 2019, venture investor Chamat Palihapitiya, through SPAC Social Capital Hedosophia Holdings, bought 49% of Virgin Galactic's securities for $800 million. And by February 2020, Virgin Galactic's quotes had increased by 255%.

Another successful example is the DraftKings gaming company, which was valued at approximately $3.3 billion through a merger with SPACEX Eagle Acquisition and SBTech (a sports betting technology firm) as part of the deal.

At the same time, entering NASDAQ Oxus is one of the first examples of combining experienced financiers and businessmen from CIS countries to attract investors' funds.

It's first SPAC by Kenges Rakishev, but not the first NASDAQ listing

At the moment, they are not operating, and their main goal and characteristic is to bring selected private companies to the stock exchange through a merger, rather than a traditional IPO. Stock analysts are holding their breath, waiting for the upcoming deals to be announced, as they predict a sharp increase in the shares of these companies.

There are many factors at play that could have a huge impact on stock prices. Kenges Rakishev notes. The biggest factor will likely be the number of potential shareholders who would decide to take on the deal that would make Oxus the largest holder of shares.

Oxus company as the newest Kenges Rakishev initiative

One of the four companies is Oxus Acquisition Corp, whose investor is Kenges Rakishev, an international investor and entrepreneur from Kazakhstan. For the project Kenges Rakishev gathered a team of well-known professionals and investors. Here are some of them: Shiv Vikram Khemka from SUN Group; Sergey Ivashkovsky, who has worked at Eurasia Investment Partners, RUSNANO, INTERROS, crisis management at TRUST Bank; Christophe Charlier, who has 25 years of experience in investment banking in Russia and a number of other investors.

According to materials provided to NASDAQ, it is reported that OXUS is focused on clean energy production enterprises in developing countries. NASS, the US government's energy provider, will invest $25.3 billion in clean energy technology and its energy infrastructure investments this fiscal year. OXUS' investments will include an Energy Security Initiative and a Natural Resources Infrastructure Initiative.

Kenges Rakishev plans fits well in global agenda

The total investment of US$200 billion could not be greater if the Energy Security Initiative were to become operational and will not be limited to clean energy technology as it is funded under a set program. This program will help the US produce $75 billion of clean energy infrastructure over the next five years. OXUS will also continue to build clean energy projects in Brazil, India, and Russia. NINA, its clean energy firm will also be invested this fiscal year in clean energy projects in China and South Korea.

The Energy Infrastructure Fund is a new federal policy that was developed as a possible way to enable a more competitive energy market, which has been the focus of several administrations in recent years. At the U.S. federal level, the EIMF program aims to reduce cost of energy services through increased financial access and market competition.

However, as the analyst notes, it is more interesting that Kenges Rakishev is the founder of the Singulariteam fund, one of the first investors of the Israeli manufacturer of ultrafast charging batteries StoreDot. The expert suggests that StoreDot could potentially become the target of Oxus. StoreDot is known for creating a battery for electric vehicles that can be charged in 10 minutes. The battery is made according to the standards of batteries used for Tesla electric cars: 46 mm in diameter and 80 mm in height. They will be produced at the EVE Energy plant in China starting from 2024.

In China, at the largest enterprise in the field of batteries, tests of a trial batch of batteries created in accordance with StoreDot technology, one of the leading enterprises in which Kenges Rakishev invested money, have begun. The first batch of 1000 batteries will undergo intensive wear tests. Manufacturers and representatives of the Israeli company StoreDot will have to find out the survivability of batteries, set the limits of degradation during multiple charge-discharge cycles.

This project is very important for Kenges Rakishev, an entrepreneur from Kazakhstan. A significant part of its business is currently set up for the production and use of batteries. On the border with China, Kenes Rakishev is developing a nickel and cobalt deposit, surveys are being conducted for the industrial development of lithium ore. The capitals of Kenes Rakishev are part of the Mullen company, which is establishing the production of premium electric cars in China. The synergy of Kenges Rakishev's business in this case is very noticeable.

Kenges Rakishev is one of the early investors in the StoreDot program

In a specially designed experiment, StoreDot battery cells with an XFC silicon anode will undergo hundreds of charge and discharge cycles, and the results will be collected using a computer, contained in a closed box. Once the experiment, which was developed in collaboration with and funded by the State of Israel, is returned to earth, the StoreDot team of scientists will conduct an extensive data analysis, as well as examine the battery itself to note any physical or chemical changes that occurred during the experiment.

In particular, StoreDot will use the experiment to gain new insights into the chemical reactions that cause silicon to expand during the fast charging process. This will be achieved by using zero gravity conditions to detect irregularities on the silicon surface of the anode. It is important to note that the results of the study will be included in the first engineering samples of the StoreDot silicon anode XFC battery for EVS, which will be available for testing by the end of 2022. The test batch has already been manufactured at one of the most modern factories in China. As far as we know, StoreDot XFC has passed all comprehensive tests. Increasing battery capacity, as well as production, is crucial for the technology to be useful, suggests Kenges Rakishev.

Kenges Rakishev is an experienced investor in modern technologies

The experiment will be included among the selected Israeli research projects that will be carried out on the International Space Station as part of the Israeli Rakia program. Jointly supported by the Israeli Ministry of Science and Technology and the Ramon Foundation, the Rakia (sky in Hebrew) program is part of Axiom Space Ax-1, the world's first private mission to the ISS.

The revolutionary XFC FlashBattery StoreDot technology redefines the chemistry of conventional lithium-ion batteries, increasing EV charging time from several hours to several minutes. This breakthrough is achieved primarily by replacing graphite in the anode of the cell with nanoparticles of metalloids, such as silicon, to overcome the main problems with safety, service life and swelling of the cell during charging.

In 2019, the company, whose strategic investors include major companies BP, Daimler, TDK and Samsung Ventures, as well as early venture capitalists such as Kenes Rakishev, used a prototype of its XFC technology to demonstrate the world's first full charge of a two-wheeled EV in five minutes. Another milestone followed in January 2021, when StoreDot launched engineering samples of a small form factor battery, proving that XFC is commercially viable and scalable on traditional lithium-ion battery production lines.

Synergy of Kenges Rakishev's other venues

Recall that in March 2021 Kenes Rakishev, as the sole participant of Fincraft Group, made several decisions on the organizational structure of the company. The powers of the chairman of the Management Board of the company Pavel Adilevich Mynzhanov, his first deputy Assel Amankyzy Orumbayeva, Deputy Chairman of the Management Board member of the Management Board Ibragimuly Bolat were terminated. On March 1, 2021, the sole executive body of the company was formed, and Rakishev Kenes Khamitovich was appointed president. Pavel Mynzhanov, Assel Orumbayeva, Bolat Ibragimuly became Vice-presidents.

In January of this year, S&P Global Ratings upgraded Fincraft Group's long-term credit rating from B to B+. The rating forecast is Stable. The short-term credit rating was confirmed at level B. The rating on the national scale was upgraded from kzBB+ to kzBBB.

It is worth noting that the experts of the world's most famous high-tech exchange NASDAQ for the first time in 2021 included in their recommendations a company founded by entrepreneurs from Russia and the CIS. Prior to the creation of Oxus Acquisition, Kenges Rakishev was already known as a successful investor in ultrafast charging battery technology, Mullen electric vehicles. Also in Rakishev's portfolio there are deposits of nickel and cobalt, which are used for the production of batteries. These factors, coupled with the management and financial experience of its partners, allow analysts to count on the success of the new fund.

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