E-magy has raised €20.5 million for the production of EV battery materials

Dutch firm E-magy has raised €20.5 million in fresh funds to get cracking on industrial scale production of a silicon material for EV batteries, one that the company claims can increase the storage capacity of lithium-ion batteries, compared to today's industry standards

“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,” says 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.”

Apparently the issue it was solving was the swelling of silicon when used in EV batteries. It has developed a silicon material with a nanoscale porous structure which will contain the swelling within the nanopores. While the material is aimed at batteries for EV's E-magy states that its alternative material introduces more possibilities.

'Higher energy density in batteries leads to lower weight and size of battery packs. This not only translates to more attractive EVs for the masses, but also to longer-lasting smartphones, lighter wearables and thinner laptops.'

The funding round features Hydro, Invest-NL and Rubio who join existing impact investors SHIFT Invest and PDENH.

“Hydro aims to industrialise and scale sustainable battery materials by working with partners and leveraging our capabilities,” says 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.”

“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,” says Bram Ledeboer, Partner at SHIFT Invest.