Cleantech startup E-Magy is getting a big boost from investors. The Dutch battery-tech specialist has revealed it has secured 5 million euros from the venture capital fund Shift Invest, which focuses on investments in circular technologies, bio-based innovations and smart materials, as well as existing investors PDENH. The company will also benefit from an innovation credit from the Dutch Ministry of Economic Affairs and Climate Policy, aimed to accelerate the development of E-Magy’s technology.
With the injection of cash, E-Magy will use the funds to scale up production of its proprietary nano-porous silicon anodes, which can increase energy density of battery cells by up to 40 percent, enabling longer-range EVs and lower-cost compact cars. The funds will also accelerate qualification programs with EV and battery manufacturers and help the company expand, with completion of its new Netherlands-based production facility planned to open in 2023.
“The additional funding comes at an exciting time as we’re scaling up production capacity of our proprietary nano-porous silicon and are advancing with automakers and battery manufacturers to improve battery cell performance,” says CEO and co-founder 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.”