- Hydro, Invest-NL and Rubio, together with existing impact investors SHIFT Invest and PDENH, provided EUR 15 million Series A funding to Dutch advanced materials company E-magy.
- E-magy will also receive a EUR 5.5 million subsidy from the Dutch National Growth Fund program NXTGEN HIGHTECH, which is about to be launched to make a significant contribution to structural and sustainable economic growth in the Netherlands.
- E-magy’s nano-porous silicon anode material is proven to deliver better performance and is ready to scale to meet the growing demand for high-energy batteries.
THE NETHERLANDS – Dutch advanced materials company E-magy has raised EUR 20.5 million in new funding. Leading industrial business Hydro, impact investor Invest-NL and venture capital firm Rubio have invested in E-magy alongside existing impact investors SHIFT Invest and PDENH. The funds will be used to prepare for industrial-scale production and meet the growing demand from battery manufacturers and automotive OEMs for high-energy batteries.
The most common lithium-ion batteries currently found in electric vehicles (EVs) feature graphite as the active anode material. Yet, graphite’s physical and chemical properties limit batteries’ storage capacity. Silicon has long been recognized as a promising alternative anode material, given its wide availability and increased capacity, which is ten times that of graphite. However, silicon-dominant batteries typically swell and break when charged and discharged, frustrating battery manufacturers.
E-magy has created a new kind of silicon material with a nanoscale porous structure, which prevents batteries from swelling and breaking completely by containing the swelling within the nanopores. This revolutionary silicon-dominant anode material delivers 40% higher energy density and enables faster charging than existing graphite solutions. Furthermore, the company’s technology is easily scalable because it uses low-cost metallurgical-grade silicon that is abundantly available and environmentally benign. E-magy’s silicon is also compatible with existing lithium-ion battery manufacturing processes and installed factory equipment, making it a low-risk and easy-to-adopt solution.
“These funds will help us transition from our current pilot facility to a higher capacity, next-generation production line, ensuring we have the necessary capacity to meet growing market demand for higher energy density batteries,” commented Casper Peeters, CEO of E-magy. “We’ll also be able to grow our engineering team, bringing in more battery scientists and application engineers to support our customers in achieving the best results with our advanced materials.”
“Hydro aims to industrialize and scale sustainable battery materials by working with partners and leveraging our capabilities,” remarked Morten Halleraker, Head of Batteries at Hydro. “E-magy is a technology company with a promising product looking to improve battery performance significantly. Developing new battery technologies and materials will boost the green energy transition, and we believe silicon anodes will play an important role in this development. That’s why we’re excited to become a shareholder in E-magy and support its journey towards more innovative solutions and commercial success in the coming years.”
“Speeding up the transition towards a carbon-neutral economy is at the core of our investment strategy. We see this investment in E-magy as the next example of our strong commitment to supporting exciting technology and strong research and development driven scale-ups. Together with a fantastic group of likeminded co-investors we look forward to supporting E-magy’s international team of battery specialists on its clean e-mobility journey,” said Bram Sprangers, Investment Associate at Invest-NL. “E-magy’s innovative material emits up to six times less carbon dioxide in production of the material. It will enable the battery of an electric vehicle to be lighter and smaller, reducing weight of the car, reducing energy usage, and reducing emissions associated with the energy production to charge the car. Innovation driving impact,” added Helmer Schukken, Managing Partner Rubio Impact Ventures.
“We’re thrilled to continue to support E-magy and be part of its scale-up journey. The company has produced very encouraging results, including in late 2022 when it completed 500 battery cycles with silicon as the only active anode material,” commented Bram Ledeboer, Partner at SHIFT Invest. “Having supported E-magy since before its foundation, we’re proud to see the team continuously hitting its technology development milestones and the necessary proof points for scaling. This is reflected by this significant funding round and the onboarding of a distinguished consortium of high-value investors. The company is well on its way to commercializing its impactful technology,” added Anthony Viellevoije, Investment Director at PDENH.
To power the shift to electric driving, the world needs better batteries. E-magy has invented a high-energy solution for next-generation batteries, supplying nano-porous silicon to automotive and battery manufacturers worldwide. This unique specialty silicon brings winning battery performance while being compatible with existing Gigafactory production lines and ready to be scaled up. It is produced in a state-of-the-art production facility near Amsterdam, The Netherlands. The team of advanced materials specialists has over 20 years of silicon crystallisation experience and is driven by the vision to let everyone enjoy clean, electrically powered mobility in the near future. To learn more, visit www.e-magy.com
Hydro is a leading industrial company that builds businesses and partnerships for a more sustainable future. We develop industries that matter to people and society. Since 1905, Hydro has turned natural resources into valuable products for people and businesses, creating a safe and secure workplace for our 32,000 employees in more than 140 locations and 40 countries. Today, we own and operate various businesses and have investments with a base in sustainable industries. Hydro is, through its businesses present, in a broad range of market segments for aluminium, energy, metal recycling, renewables and batteries, offering a unique wealth of knowledge and competence. Hydro is committed to leading the way towards a more sustainable future, creating more viable societies by developing natural resources into products and solutions in innovative and efficient ways. For more information, visit: https://www.hydro.com/en
Invest-NL is the National Financing and Development Institution of the Netherlands that, as an impact investor, focuses on making financeable what doesn’t seem to be financeable. Together with other financiers, investors and development specialists – both private and public – Invest-NL’s primary attention is on the larger societal challenges like the transition to a carbon-neutral and circular economy, affordable and accessible healthcare, and deep tech. Find out more: https://www.invest-nl.nl/
ABOUT RUBIO IMPACT VENTURES
Rubio Impact Ventures is a leading impact venture fund based in the Netherlands with €150 million AUM. Rubio invests in world-changing entrepreneurs who unite powerful positive impact with a scalable commercial business; the future-proof approach to successful business. Rubio offers its investments a winning blend of capital, expertise and network access to help them accelerate to the next level. For more information, visit: https://www.rubio.vc
ABOUT SHIFT INVEST
SHIFT Invest, founded in 2009, is a Dutch impact venture capital fund that invests in innovations related to food and agriculture, green industries, circular economy, energy transition, and sustainable mobility and logistics. The investments are aimed at achieving a positive environmental impact and financial return. Together with its partners, SHIFT offers entrepreneurs an extensive network and insight into various sectors. The fund is managed by New Balance Impact Investors, a team of experienced investment professionals and entrepreneurs. To learn more, visit: https://shiftinvest.com/
PDENH is an investment fund of EUR 85 million from the Province of Noord-Holland that invests in sustainable and innovative companies and initiatives. Its portfolio consists of >30 startups, scaleups and projects within the domains of the energy transition, circular economy and sustainable mobility. For more information, visit www.pdenh.nl/
ABOUT NXTGEN HIGHTECH
This project is made possible in part by a contribution from the National Growth Fund program NXTGEN HIGHTECH, which is about to be launched. This program will invest as much as €1 billion until 2030 with over 330 partners, in more than 60 projects and in six essential domains. In doing so, NXTGEN HIGHTECH will make a significant contribution to the structural and sustainable economic growth in the Netherlands and offer solutions for the major societal challenges in the areas of energy transition, health, safety and food. For more information, please visit: www.nxtgenhightech.nl