Ingevity enters battery electric vehicle market, invests $60 million in lithium-ion anode materials producer, Nexeon, and secures future activated carbon supply relationship.
Ingevity Corporation (NYSE:NGVT) announced that it has invested $60 million to acquire an equity stake in Nexeon Limited (“Nexeon”) in a strategic move to establish the company’s presence in the electric vehicle (EV) market and expand opportunities to grow its activated carbon business.
United Kingdom-based Nexeon is a cutting-edge technology leader in the design of silicon-based anode materials that improve performance of lithium-ion batteries for EVs and consumer electronics.
Ingevity’s funding will enable Nexeon to further develop its proprietary next-generation silicon anode material, NSP-2, and facilitate the construction of manufacturing facilities for the commercialization of Nexeon’s innovative products.
Nexeon’s customers have found that NSP-2 offers a step-change improvement in lithium-ion battery performance while also reducing the weight of the battery.
With an astounding four times the energy density per gram when compared to conventional graphite anodes, Nexeon’s drop-in technology will deliver increased vehicle range and faster charging of lithium-ion EVs.
John Fortson, Ingevity president & CEO said:
Today’s announcement marks an important milestone in our company’s history, and underscores Ingevity’s long-term vision for growth and commitment to exploring value-added applications for our activated carbon in expanding markets like EVs.
“Nexeon has established itself as an innovation leader within what will likely be a rapidly growing space for years to come, and we are excited to partner with them to advance their game-changing patented technologies.”
Dr. Scott Brown, Nexeon CEO, said:
Ingevity’s commitment to innovation and expertise in activated carbon technology makes the company a perfect partner as we produce our next generation product in volume and support our customers in realizing their full commercialization goals.
“Ingevity’s fundamental sustainability profile also aligns with our focus on supporting the transition to carbon neutral technology, protecting our environment and improving the quality of life.”
In connection with its investment, Ingevity and Nexeon have committed to a joint development of future products involving the use of Ingevity’s activated carbon and intend to enter into a long-term supply agreement between the parties. Ingevity will be represented on Nexeon’s Board of Directors by Ingevity’s Chief Growth & Innovation Officer, Erik Ripple.
About Nexeon Limited
Nexeon is a battery materials company developing and producing silicon materials for the next generation of lithium-ion rechargeable batteries. Nexeon’s materials have a transformational impact on battery performance in terms of energy density, rate of charge and cost of production on a $ per kWh basis.
The company is engaged with a host of blue-chip customers in the automotive and consumer electronics sectors who see significant benefit in Nexeon materials to their end markets. Nexeon is headquartered in Oxfordshire, U.K., and has application engineering labs in Japan. www.nexeon.co.uk
Ingevity enters battery electric vehicle market, invests $60 million in lithium-ion anode materials producer, Nexeon, and secures future activated carbon supply relationship, NORTH CHARLESTON, S.C, August 2, 2022
