E-magy to raise €5 million in a round led by Shift Invest
E-magy, an Amsterdam (Broek op Langedijk), Netherlands-based manufacturer of nano-porous silicon, announced that it secured a €5 million ($6M) capital funding round.
The money was raised from investors led by Shift Invest and will be used to expand the team and prepare for the construction of a new facility in the Netherlands with production planned for 2023.
Existing investors including PDENH also contributed to the round. The Dutch Ministry of Economic Affairs and Climate Policy has committed an innovation credit to accelerate the development of E-magy’s unique technology.
E-magy, founded in 2014 bY CEO Casper Peeters, is a designer and manufacturer of “nano-sponge” silicon material for advanced lithium-ion batteries.. The company processes silicon in a unique, cost-effective and scalable way to make ‘nano-sponge’ particles for high-capacity silicon anodes of lithium-ion batteries. E-magy’s nano-porous silicon improves the energy density by 40% and shortens the charge time of batteries allowing for an extended range at lower costs and leading to more compact models than today’s high-end vehicles. Silicon is abundantly available and environmentally benign.