Battery tech firm E-magy raises €5 million in new funding round

Dutch battery tech scale-up E-magy has raised €5 million in a new funding round led by venture capital fund SHIFT Invest. The Dutch Ministry of Economic Affairs and Climate Policy also committed an innovation credit to accelerate the development of E-magy’s technology.

E-magy designs and manufactures nano-porous silicon material for lithium-ion batteries. The firm works with partners throughout the global automotive supply chain. E-magy processes silicon to make “nano-sponge” particles for silicon anodes. The company says its nano-porous silicon improves energy density by 40% and shortens charging time.

The fresh capital will enable E-magy to increase production at its pilot production line for nano-porous silicon and accelerate qualification programs with automakers and battery manufacturers. The company will also use the funds to expand its team and make preparations for a new facility in the Netherlands which will boost annual capacity to thousands of tons per year. E-magy plans to start production at the new facility in 2023.

“The additional funding comes at an exciting time as we are scaling up production capacity of our proprietary nano-porous silicon and are advancing with automakers and battery manufacturers to improve battery cell performance,” said Casper Peeters, co-founder and CEO. “Nano-porous silicon is the solution to the urgent need for high-energy batteries, enabling affordable and efficient electric vehicles for everybody.”

Source: E-magy