Hydro invests in emerging battery technology company E-magy
Hydro invests EUR 5 million in the Dutch advanced materials company E-magy, an ambitious developer of silicon anode materials for future battery generations. The investment strengthens Hydro’s portfolio within emerging technologies and anode materials.
“Demand for battery materials continues to surpass earlier stated predictions and is one of the challenges facing a European green transition. The need for improved battery capacity is continuing to be a key challenge for the automotive industry. E-magy is a promising technology company that addresses both issues by developing an innovative solution for the next generation batteries. Their specialty silicon will increase the availability of battery materials in Europe and strengthen the energy capacity in batteries,” says Morten Halleraker, Head of Hydro Batteries.
The Hydro Batteries business unit aims to develop leading sustainable battery businesses in Europe, by active investments in the battery value chain.
E-magy has developed a silicon material with a nanoscale porous structure, for high capacity silicon anodes in lithium-ion batteries. The technology delivers up to 40 percent higher energy density in batteries, compared with existing products. This allows for an extended driving range at a lower cost, more compact car models and enables faster charging than in today’s high end electric vehicles.
Silicon is a promising alternative anode material, given its availability and increased energy capacity, which is ten times that of graphite. E-magy’s silicon is also compatible with existing lithium-ion battery manufacturing processes and installed factory equipment, making it a promising product for future generations of commercial scale battery production.
“Developing new battery technologies will boost the green energy transition. That’s why we’re excited to support E-magy with this funding and our industrialization experience,” says Halleraker.
In this Series A financing, E-magy has raised EUR 15 million, with an additional EUR 5.5 million subsidy from the Dutch National Growth Fund. Hydro is the lead investor, with a consortium of Dutch co-investors, including Invest-NL and Rubio. The capital increase will also be subscribed by its existing shareholders, SHIFT Invest and PDENH. The additional funding is key to scale up pilot manufacturing and customer qualification, in order to prepare for industrial scale production.
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