E-magy, a Netherlands-based cleantech startup that develops a novel silicon material for lithium-ion batteries, raised €15 million (~$16 million) in a Series A funding round. Hydro, an industrial company in a broad range of market segments, including aluminum, energy, metal recycling, renewables, and batteries, led the funding round and was joined by Invest-NL, Rubio, SHIFT Invest, and PDENH. The new funding will enable E-magy to scale its production capacity and meet the growing demand from battery manufacturers and automotive OEMs for high-energy batteries.
E-magy will also receive a €5.5 million (~6 million) subsidy from the Dutch National Growth Fund program NXTGEN HIGHTECH.
Silicon is a promising alternative to graphite, the most common anode material in lithium-ion batteries, as it has ten times the capacity of graphite. However, silicon-based batteries tend to swell and crack when charged and discharged, limiting their performance and durability.
E-magy claims to have solved this problem by creating a nano-porous silicon material that absorbs the swelling within its pores. This technique allows silicon-dominant anodes (>80% silicon) that deliver 40% higher energy density and faster charging than graphite anodes. Moreover, E-magy’s technology is compatible with existing battery production processes and equipment, making it easy to adopt.
E-magy’s nano-porous silicon also has a low carbon footprint, as it uses low-cost metallurgical silicon that is widely available and environmentally benign.
“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,” commented 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.”
According to Helmer Schukken, Managing Partner Rubio Impact Ventures “E-magy’s innovative material emits up to six times less carbon dioxide in production of the material. It will enable the battery of an electric vehicle to be lighter and smaller, reducing weight of the car, reducing energy usage, and reducing emissions associated with the energy production to charge the car. Innovation driving impact.”
According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&A Report, VC funding (including private equity and corporate venture capital) raised by Energy Storage companies in Q1 2023 came to $1.1 billion in 19 deals, an 8% decrease year-over-year (YoY) compared to $1.2 billion in 22 deals in Q1 2022.