Graphene producer NanoXplore and its partner, Martinrea International, have announced a joint venture, VoltaXplore Inc., formed to develop electric vehicle (EV) batteries enhanced with graphene.
A VoltaXplore demonstration facility is scheduled to be opened in Montreal, Canada, within the next year for the development and production of EV batteries enhanced with graphene. The Companies stated that a successful demonstration of improved battery performance using graphene, along with positive feedback from customers, will support the business case for the construction of a battery production facility in Canada.
Martinrea International Inc. began its partnership with NanoXplore in 2017. With this joint venture, Martinrea International Inc. will be able to combine their expertise as a leading manufacturer of Lightweight Structures and Propulsion Systems in the automotive and industrial markets with NanoXplore's position as a major player in the science and production of graphene and graphene-enhanced materials.
"One of the keys to an electric vehicle future is significantly improved batteries, and we believe we can be a part of the solution, both at VoltaXplore and as a graphene provider at NanoXplore," says Soroush Nazarpour, founder and CEO at NanoXplore. "We continue to benefit from our partnership with Martinrea, and this is another step in our successful working relationship."
Martinrea International Inc. and NanoXplore will each initially invest $4 million into the joint venture as startup capital and to support the construction facility, with each committed to providing up to an additional $6 million in development funding if, as, and when required. Pat D'Eramo, will be the Chairman of VoltaXplore, and Soroush Nazarpour, will be the President and CEO.