- Ingevity ( NYSE: NGVT ) on Tuesday said it had invested $60M for an equity stake in UK-based lithium-ion anode materials producer Nexeon.
- NGVT said the deal is a strategic move to establish its presence in the electric vehicle market and expand opportunities to grow its activated carbon business.
- Nexeon designs silicon-based anode materials that improve performance of lithium-ion batteries for EVs and consumer electronics.
- Ingevity ( NGVT ) and Nexeon also intend to enter into a long-term supply agreement, and have committed to jointly developing future products using NGVT's activated carbon.
- NGVT's chief growth & innovation officer, Erik Ripple, will join Nexeon's board.
- Ingevity ( NGVT ) separately announced a deal to acquire Ozark Materials, a producer of pavement marking materials, for $325M.
- NGVT stock earlier closed -1% at $66.02.
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Ingevity to invest $60M for stake in lithium-ion anode materials producer Nexeon