University of Twente spinoff Eurekite has partnered with system designer Demcon to scale up the production of its flexible ceramic materials. To that end, the company has received a 4.2 million euro in loans and equity investments. The funding will also be used to expand global business development activities and the patent portfolio.
Eurekite’s Flexiramics is a fiber-based ceramic that’s light and flexible like tissue paper, yet retains the main physiochemical properties of traditional ceramics, such as heat resistance. This opens up a wide range of new high-tech applications, such as separation membranes in lithium-ion batteries, flexible yet heat-resistant printed circuit boards and filtration membranes for the oil and gas industry.
Founded in 2013, Eurekite initially focused on developing their new ceramic material, which it can currently manufacture only in small amounts. Now the time has come to scale up to a pilot production line, which the new partner will design and realize. Demcon is also a co-investor in recent investment round.
Joining Demcon are Oost NV and a group of local informal investors. Together, they’re putting up a 2.0 million euro equity investment. Additionally, Eurokite has been granted a 1.6 million euro loan from the Dutch enterprise agency RVO and a 600,000 euro lease from the High Tech Fund. Previously, US investment fund Cottonwood provided Eurekite with seed and follow-up investments amounting to 2.75 million euros.
The market development production line is scheduled for the end of 2022. Meanwhile, Eurekite will use intermediate equipment for producing material to feed business development. The production scale-up, aligned with the global business development needs and IP development, requires additional funding.