Australia’s Nickel Industries will raise $471 million in capital to help fund the acquisition of several nickel projects in Indonesia, the company said on Wednesday, adding that it will also develop nickel for the battery sector.

To develop battery nickel, the company will also look to collaborate with Shanghai Decent Investment (Group) Co Ltd, a unit of one the world’s biggest nickel producers Tsingshan Group.

Nickel Industries said it aims to transform its business from a historical focus on the stainless-steel market to being a leading producer of battery grade “Class 1” nickel, through the collaboration as well as acquisitions.

As part of its buyouts, the company said it will buy 10% stake in Indonesia-based PT Huayue Nickel Cobalt for $270 million from Newstride Development Ltd, an entity within China’s Tsingshan Group.

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It will also spend $70 million for a 10% interest in the Oracle Nickel Project in Indonesia, a project where it already has a 70% shareholding.

The equity raising will comprise a share placement worth $185 million at A$1.02 per share, representing a 8.9% discount to the stock’s last close price of A$1.12. The company will raise $270 million from Newstride Development.