Battery materials innovator NanoGraf lands investment from Emerald

Zürich, Switzerland: Cleantech venture capital pioneer Emerald has announced that it has joined an investment into NanoGraf, a maker of electric battery materials. The $65 million infusion, led by Volta and joined by Emerald and Emerald’s CVC as a service client Nabtesco Technology Ventures, will help NanoGraf advance toward mass production of its high-performance anode materials, which have the potential to increase energy density across the battery landscape. 

Lithium-ion batteries rank among the most important pillars of the clean-energy transition. Their use in zero-emissions vehicles and power storage systems make them a keystone of electrification. As the global economy races to meet urgent net-zero goals, deploying batteries to store energy on a significant scale will be critical. 

Chicago-based NanoGraf manufactures a silicon-based alloy anode, enabling higher battery capacity while minimizing material swelling challenges which limit competing silicon technologies. This could lead to expanded vehicle range, longer device run-time, and ultimately lower cost for the batteries that will constitute a fast-growing market. Industry watchers predict that sales of lithium-ion batteries will grow by 13% annually from 2022 to 2031, at which point the global market will be worth $135 billion. 

NanoGraf’s proprietary production process allows low-cost, scalable manufacturing, and its anode product can seamlessly “drop in” to existing battery designs, without the need for extensive re-tooling. With the recently-passed Inflation Reduction Act promising hefty subsidies for US-manufactured clean technologies, NanoGraf is well-positioned to capitalize on both a ballooning domestic ecosystem and surging international demand. 

A strong track record 

Emerald’s track record in batteries and EV charging hardware technology includes Spear Power Systems (acquired by Sensata Technologies) and Rhombus Energy Solutions (acquired by Borgwarner). 

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm building a sustainable future at the crossroads of industry and technology. Founded in 2000, it is a pioneer in open innovation, providing multi-national corporations with rich deal flow and insight in the sectors and markets of tomorrow. Emerald has managed and advised assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm is dedicated to tackling big challenges in climate change and sustainability via over 500 venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.


About NanoGraf 

NanoGraf is an advanced battery material company whose patented silicon-anode technology enables longer-lasting, higher-energy, and higher-power lithium-ion batteries. NanoGraf works with more than 50 companies, including some of the world’s leading consumer electronics, household appliance, and power tool brands, and over 12 strategic partners in electric mobility (from startups to Fortune 100s). NanoGraf is a spinout of Northwestern University and Argonne National Laboratory. For more information, visit 

Media contact: 

Hayleigh Criss