Dutch battery tech scale-up, E-magy, has secured an additional EUR5m (US$6m) of funding.
Shift Invest, an impact venture capital fund that invests in circular technologies, smart food & ag-tech, bio-based innovations and smart materials, has led the funding round with participation of existing investors including PDENH.
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The Dutch Ministry of Economic Affairs and Climate Policy has committed an innovation credit to accelerate the development of E-magy’s technology.
E-magy says the fresh capital injection enables it to increase production at its fully operational pilot production line for nano-porous silicon and accelerate qualification programmes 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.
“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,” said E-magy co-founder and CEO, Casper Peeters.
“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.”
E-magy processes silicon in a scalable way to make ‘nano-sponge’ particles for high-capacity silicon anodes of lithium-ion batteries. E-magy maintains its 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.
The company adds silicon is “abundantly available and environmentally benign.”
