Ingevity enters battery electric vehicle market, invests $60 million in lithium-ion anode materials producer, Nexeon, and secures future activated carbon supply relationship
August 02 2022 - 4:15PM
Business Wire
Ingevity Corporation (NYSE:NGVT) today announced that it has
invested $60 million to acquire an equity stake in Nexeon Limited
(“Nexeon”) 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 funding 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 an astounding 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 & 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 parties. Ingevity will be
represented on Nexeon’s Board of Directors by Ingevity’s Chief
Growth & Innovation Officer, Erik Ripple.
About Nexeon Limited
Nexeon is a battery materials company developing and producing
silicon materials for the next generation of lithium-ion
rechargeable batteries. Nexeon’s materials have a transformational
impact on battery performance in terms of energy density, rate of
charge and cost of production on a $ per kWh basis. The company is
engaged with a host of blue-chip customers in the automotive and
consumer electronics sectors who see significant benefit in Nexeon
materials to their end markets. Nexeon is headquartered in
Oxfordshire, U.K., and has application engineering labs in Japan.
www.nexeon.co.uk
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect
and enhance the world around us. Through a team of talented and
experienced people, we develop, manufacture and bring to market
solutions that help customers solve complex problems and make the
world more sustainable. We operate in two reporting segments:
Performance Chemicals, which includes specialty chemicals and
engineered polymers, and Performance Materials, which includes
high-performance activated carbon. These products are used in a
variety of demanding applications, including asphalt paving, oil
exploration and production, agrochemicals, adhesives, lubricants,
publication inks, coatings, elastomers, bioplastics and automotive
components that reduce gasoline vapor emissions. Headquartered in
North Charleston, South Carolina, Ingevity operates from 25
locations around the world and employs approximately 1,850 people.
The company is traded on the New York Stock Exchange (NYSE:NGVT).
For more information visit www.ingevity.com
About Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements generally include the words “will,” “plans,” “intends,”
“targets,” “expects,” “outlook,” “believes,” “anticipates,” or
similar expressions. Forward-looking statements may include,
without limitation, investment outcomes, expected financial
positions, results of operations and cash flows; financing plans;
business strategies and expectations; operating plans; and the
impact of COVID-19. Actual results could differ materially from the
views expressed. Factors that could cause actual results to
materially differ from those contained in the forward-looking
statements, or that could cause other forward-looking statements to
prove incorrect, include, without limitation, risks related to
electric vehicle and technology adoption, adverse effects from the
COVID-19 pandemic; adverse effects of general global economic,
geopolitical and financial conditions beyond our control, including
inflation and war in Ukraine; risks related to international sales
and operations; and the other factors detailed from time to time in
the reports we file with the SEC, including those described under
"Risk Factors" in our 2021 Annual Report on Form 10-K and our other
filings with the SEC. These forward-looking statements speak only
as of the date of this press release. Ingevity assumes no
obligation to provide any revisions to, or update, any projections
and forward-looking statements contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220802006006/en/
Caroline Monahan 843-740-2068 caroline.monahan@ingevity.com
Investors: John Nypaver 843-740-2002
investors@ingevity.com
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