CarbonX, a Dutch deep-tech startup revolutionising battery anode materials, has snapped €4 million in additional funding. This is an extension to the €10 million growth funding round raised earlier this year.
The investment was co-led by new investor Energy Transition Fund Rotterdam managed by InnovationQuarter and existing shareholders Innovation Industries, and Borski Fund.
Eyes for strong local supply
The new funding will be used to execute first offtake agreements and further lock in local production capacity via contract manufacturing. Additionally, a newly commissioned 200 m2 single-layer pouch lab will be fully staffed to support client qualifications and develop CarbonX’s next-generation anode materials.
Furthermore, the company is starting the preparations for a high-capacity feedstock mixing facility in the Port of Rotterdam, The Netherlands. In parallel, it will kick off a feasibility study for a 20,000 ton per annum production line in both Europe and the US.
Addresses critical supply chain challenges
Graphite, an essential part of the battery necessary for EVs, makes up about half of a typical battery. As demand for EVs is expected to grow significantly, raw material supply chains cannot keep up. With 95% of graphite being sourced from China, global battery manufacturers face significant geopolitical and supply chain risks.
While policy initiatives like the U.S. Inflation Reduction Act (IRA) and the EU’s Critical Raw Materials Act (CRMA) aim to address these challenges, solutions that combine scalability, cost-efficiency, and performance are scarce to non-existent.
This is where CarbonX comes into the picture as it is all set to disrupt the battery industry with a new anode material.
Sustainable graphite alternative
Founded by Rutger Van Raalten and Daniela Sordi in 2014, CarbonX offers a sustainable alternative to graphite. It is a locally produced carbon anode material that matches the cost of Chinese graphite, delivering fast-charge and enhanced battery lifetime at the face value of reduced carbon footprint.
The company’s carbon anode material is currently undergoing late-stage qualifications with several top 10 global battery cell manufacturers, paving the way for initial offtake agreements expected mid-2025.
Originally the company developed the technology for the tire industry with Dutch investor Sequoia BV. CarbonX utilises a unique emulsion feedstock technology to produce a new carbon anode material equivalent to graphite. One of the key benefits of using this feedstock technology is that the entire production process consumes much less energy compared to synthetic or natural graphite production, resulting in lower cost and a reduced carbon footprint.
Daniela Sordi, CTO of CarbonX said: “Our feedstock technology seamlessly integrates into existing carbon black manufacturing plants resulting in the production of a novel structured carbon material that functions as an active anode material, like graphite. CarbonX’s unique 3D porous network structure improves electron- and lithium-ion transfer, while it is still highly compressible to achieve high energy densities.”
“A resilient battery supply chain is crucial for global electrification” said co-founder Rutger van Raalten. “Yet, we don’t see sufficient alternatives for locally sourcing critical raw materials such as graphite. With CarbonX unique feedstock technology we do offer the necessary scale, cost efficiency and battery performance to meet demands for a growing electric future.”
“Founders of CarbonX found an answer to the developing Chinese export ban on graphite. In addition to strengthening the negotiation power for the West, the margins for the existing carbon black factories will significantly improve. Thanks to the long history in refining and bulk processing, the Port of Rotterdam is well positioned to build new sustainable value chains in extraction and refining of critical raw materials for the energy transition while using the existing installed base,” added Jesse In ‘t Velt, Investment Manager of Energy Transition Fund Rotterdam.
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