Dyson investing $1.44 billion in Tesla-like battery tech
Dyson is looking to expand itself past fancy vacuums and fans.
The Britain-based company will invest $1.44 billion on battery development over the next five years, expected to make Tesla-like battery technology, according to Bloomberg.
In 2015, Dyson began exploring battery-tech with the acquisition of Satki3 for $90 million.
Satki3, stationed in the US, has experience in making solid-state lithium-ion batteries. The company said its battery tech has twice the energy storage potential of standard lithium-ion batteries, at a half to a third of the cost.
Further, the battery tech could find its way into Dyson's cordless vacuum cleaners. This is similar to the battery cell technology developed by Tesla for the home and appliances.
Dyson said it had "exceptional growth" in 2015.
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"By ramping up our investment in technology and expanding research and development we are developing machines that perform better and disrupt the status quo," James Dyson, founder of Dyson, said. "We put faith in young bright minds -- our average age is 26."
Dyson said it will spend $7.2 million per week on research and development in 2016, in the first project with Dyson's Research, Design and Development campus opening this year.
China is said to be driving Dyson's growth, with annual revenues growing by 222 percent thanks to its air purifying tech. Overall, Dyson reported a 20 percent rise in profits to $645 million in 2015.
"2015 was a year of exceptional growth across Asia and Europe, which proves that people across the world want better technology," Max Conze, CEO of Dyson, said.