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CHASM Advanced Materials Partners with Ingevity to Expand CNT Supply for North American and European EV Battery Markets
CANTON, Mass., March 12, 2024 – CHASM Advanced Materials, Inc. (CHASM) has announced a partnership with Ingevity Corporation (INGEVITY) aimed at expanding carbon nanotube (CNT) supply for gigafactories in North America and Europe. This collaboration signifies a significant step toward meeting the increased demand for CNTs and supporting the burgeoning electric vehicle (EV) industry in these regions.
CNTs have become critical components in the battery industry, actively specified in both current and future battery products by major EV battery producers. Conductive CNT additives for cathodes and anodes enable higher-performance batteries that can deliver extended range, faster charging and longer battery life.
The majority of CNT production facilities are currently based in Asia, so a significant challenge persists as manufacturers seek local CNT production in North America and Europe to meet the surging demand in these markets.
To address this challenge, CHASM has developed NTeC®-E conductive CNT additives that are a drop-in replacement for industry-standard CNTs made in Asia. CHASM and licensed manufacturing partners are positioned to be the lowest-cost and largest-scale producers of CNTs, with local production to serve North America and Europe markets.
The strategic collaboration between CHASM and INGEVITY will help accelerate the scale-up and commercialization of NTeC®-E conductive CNT additives, which is expected to lead to successful qualifications within the next few years at targeted gigafactories in North America and Europe.
David Arthur, CEO, and Co-Founder of CHASM highlighted the importance of partnerships in the company's strategy. "Teaming up with INGEVITY to establish gigafactory-level CNT supply in North America and Europe is a significant step for both companies,” said Arthur. “With CHASM’s leadership in CNT technology and INGEVITY's renowned expertise in activated carbon production for the automotive market, this collaboration marks a milestone for CHASM's entry into the EV battery market."
John Fortson, President and CEO of INGEVITY, emphasized the strategic significance of the partnership. "Today’s announcement represents a pivotal moment in our company’s journey, emphasizing INGEVITY’s steadfast commitment to growth and expanding the company’s presence in the EV market,” said Fortson.” Our strategic partnership with CHASM signifies our intent to diversify into the EV and battery market, granting us access to a critical carbon-based product crucial for enhancing battery performance."
CHASM is currently constructing the world's largest CNT production platform in Norman, Okla., with an annual capacity of 1,500 metric tons per reactor.
Additionally, CHASM's NTeC®-E conductive CNT additives have been validated by various partners and independent third-party laboratories, demonstrating performance on par with CNTs from leading Asian producers.
Michael Fetcenko, Chairman of CHASM, underscored the significance of this collaboration for the automotive industry, saying "INGEVITY's partnership with CHASM marks a decisive step in bolstering the local production of CNTs in the North American and European EV battery markets. As a technical veteran in the battery industry, I am proud to affirm our shared dedication to enhancing the accessibility and reliability of key battery components in North America and Europe."
About CHASM
CHASM’s mission is to develop and manufacture advanced carbon nano materials, leveraging its innovative product platforms to create a safer, more connected and sustainable world. The company’s patented nanotube manufacturing platform combined with its unique ability to integrate CNTs into product solutions is unleashing the power of nanotechnology.
Innovations powered by CHASM include universal transparent ADAS heaters for safer driving, transparent antennas for smarter cities, conductive additives for EV batteries, and cement additives for greener (lower carbon footprint) concrete.
About Ingevity
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 three reporting segments: Performance Materials, which includes activated carbon; Advanced Polymer Technologies, which includes caprolactone polymers; and Performance Chemicals, which includes specialty chemicals and road technologies. Our products are used in a variety of demanding applications, including adhesives, agrochemicals, asphalt paving, bioplastics, coatings, elastomers, lubricants, pavement markings, oil exploration and production and automotive components. Headquartered in North Charleston, South Carolina, Ingevity operates from 31 countries around the world and employs approximately 1,700 people. The company’s common stock is traded on the New York Stock Exchange (NYSE:NGVT). For more information, visit ingevity.com.
Media Contact:
Ina Jiang, VP Marketing
Marketing@chasmtek.com
Investor Contacts:
David Rainey, Chief Financial Officer
drainey@chasmtek.com
+1 781 989 1411
David Arthur, Chief Executive Officer
darthur@chasmtek.com
+1 781 801 8863 (mobile)
