Sunrise Energy Metals invests US$5M in Agni Semiconductor

Sunrise Energy Metals (ASX:SRL) announced an equity investment of US$5 million into Agni Semiconductor, a US-based developer of next-generation non-volatile memory and AI compute-in-memory semiconductors.

The funding represents 50% of Agni’s US$10 million seed round. Upon the full exercise of all seed-round warrants, Sunrise is expected to hold an approximate 18% stake in the tech company on a fully diluted basis.

The venture has garnered strong internal backing, with Sunrise Chairman Robert Friedland and Managing Director Sam Riggall also intending to personally invest in the seed funding round.

As part of the agreement, Sunrise will secure substantial governance rights, including a company-appointed director, a board observer, customary protective provisions, and pro-rata participation rights.

Furthermore, a contractual pathway has been established to allow Sunrise to eventually reach a 30% target ownership position.

The capital injection aligns with Sunrise’s long-term strategy to drive downstream demand opportunities for scandium produced from its Syerston Scandium Project.

Agni’s pioneering work utilises aluminium scandium nitride ferroelectric diode technology, creating a natural synergy between the two companies.