Aug 02, 2022
Ingevity enters battery electric vehicle market, invests $60 million in lithium-ion anode materials producer, Nexeon, and secures future activated carbon supply relationship
NORTH CHARLESTON, S.C., August 2, 2022 – 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
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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.