Ingevity enters battery electric vehicle market with Nexeon stake
Ingevity Corporation has acquired an equity stake in Nexeon Limited, 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 USD60 million investment 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 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.
“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,” said Ingevity President and CEO John Fortson. “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.”
“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,” said Nexeon CEO Dr. Scott Brown. “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 two parties. Ingevity will be represented on Nexeon’s Board of Directors by Ingevity’s Chief Growth & Innovation Officer Erik Ripple.