Ingevity Corporation has invested $60 million in return for an equity stake in UK-based silicon-based anode materials firm Nexeon in a bid to establish itself in the electric vehicle market and expand its activated carbon business.
Nexeon will use the funding to to continue developing its silicon anode material, NSP-2, and facilitate the construction of manufacturing facilities for the commercialisation of its products that claim to improve performance of lithium-ion batteries for EVs and consumer electronics.
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 parties.
US firm Ingevity will be represented on Nexeon’s board of directors by its chief growth & innovation officer, Erik Ripple.
