February 10, 2021
New EUR 5m investment round for E-magy. E-magy is developing nanotech silicon material for the next generation of Li-ion batteries, which material will provide a 40% higher energy density. A potential game changer, so that eg electric cars will obtain a longer range and faster charging time. PDENH - co-managed by StartGreen Capital - as current shareholder again invests substantially in this round led by Shift.
BATTERY TECH INNOVATOR E-MAGY RAISES € 5 MILLION IN FUNDING ROUND LED BY SHIFT INVEST
• Funds will be used to scale production of proprietary nano-porous silicon and to accelerate qualification programs with electric vehicle (EV) and battery manufacturers
• The company will expand the team and prepare for the construction of a new facility in the Netherlands with production planned for 2023
• Use of E-magy's specialty silicon in EV battery anodes increases energy density of battery cells by 40%, enabling longer-range EVs and lower-cost compact cars
Dutch battery tech scale-up E-magy has secured an additional € 5 million of funding. SHIFT Invest, an impact venture capital fund that invests in circular technologies, smart food & ag-tech, biobased innovations and smart materials, has led the funding round with participation of existing investors including PDENH. The Dutch Ministry of Economic Affairs and Climate Policy has committed an innovation credit to accelerate the development of E-magy's unique technology.
The fresh capital injection enables E-magy to increase production at its fully operational pilot production line for nano-porous silicon and accelerate qualification programs with automakers and battery manufacturers. The company will also use the funds to expand the team and make preparations for a new facility in the Netherlands which will boost annual capacity to thousands of tons per year. E-magy plans to start production at the new facility in 2023.
Casper Peeters, co-founder and CEO: “The additional funding comes at an exciting time as we are scaling up production capacity of our proprietary nano-porous silicon and are advancing with automakers and battery manufacturers to improve battery cell performance. Nano-porous silicon is the solution to the urgent need for high-energy batteries, enabling affordable and efficient electric vehicles for everybody. E-magy is set to power millions of electric vehicles. ”
Bram Ledeboer, partner at SHIFT Invest: “We are pleased to support the E-magy team to become a leading supplier to the EV battery industry. Innovation plays a crucial role in rebalancing the world we live in and E-magy is well positioned to create significant impact by boosting the performance of batteries at lower costs. ”
E-magy processes silicon in a unique, cost-effective and scalable way to make 'nano-sponge' particles for high-capacity silicon anodes of lithium-ion batteries. E-magy's nano-porous silicon improves the energy density by 40% and shortens the charge time of batteries allowing for an extended range at lower costs and leading to more compact models than today's high-end vehicles. Silicon is abundantly available and environmentally benign.
As almost all global automakers focus on the production of new series of all-electric and plug-in EVs, the demand for batteries is rising exponentially. E-magy offers a highly scalable, next generation battery material that can provide automakers with a clear competitive edge. Moreover, E-magy's technology platform allows for use in various other devices such as e-bikes and scooters, drones, computers and handheld devices, medical devices and electric energy storage systems for balancing of (renewable) energy supply and demand.