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Ingevity enters battery electric vehicle market, invests $60 million in lithium-ion anode materials producer, Nexeon, and secures future activated carbon supply relationship

Ingevity Corporation (NYSE:NGVT) today announced that it has invested $60
million to acquire an equity stake in Nexeon Limited (“Nexeon”) in a
strategic move to establish the company’s presence in the electric vehicle
(EV) market and expand opportunities to grow its activated carbon business.
United Kingdom-based Nexeon is a cutting-edge technology leader in the
design of silicon-based anode materials that improve performance of
lithium-ion batteries for EVs and consumer electronics.

Ingevity’s funding will enable Nexeon to further develop its proprietary
next-generation silicon anode material, NSP-2, and facilitate the
construction of manufacturing facilities for the commercialization of
Nexeon’s innovative products. Nexeon’s customers have found that NSP-2
offers a step-change improvement in lithium-ion battery performance while
also reducing the weight of the battery. With an astounding four times the
energy density per gram when compared to conventional graphite anodes,
Nexeon’s drop-in technology will deliver increased vehicle range and faster
charging of lithium-ion EVs.

“Today’s announcement marks an important milestone in our company’s history,
and underscores Ingevity’s long-term vision for growth and commitment to
exploring value-added applications for our activated carbon in expanding
markets like EVs,” said Ingevity president & CEO, John Fortson. “Nexeon has
established itself as an innovation leader within what will likely be a
rapidly growing space for years to come, and we are excited to partner with
them to advance their game-changing patented technologies.”

“Ingevity’s commitment to innovation and expertise in activated carbon
technology makes the company a perfect partner as we produce our next
generation product in volume and support our customers in realizing their
full commercialization goals,” said Nexeon CEO, Dr. Scott Brown. “Ingevity’s
fundamental sustainability profile also aligns with our focus on supporting
the transition to carbon neutral technology, protecting our environment and
improving the quality of life.”

In connection with its investment, Ingevity and Nexeon have committed to a
joint development of future products involving the use of Ingevity’s
activated carbon and intend to enter into a long-term supply agreement
between the parties. Ingevity will be represented on Nexeon’s Board of
Directors by Ingevity’s Chief Growth & Innovation Officer, Erik Ripple.

About Nexeon Limited

Nexeon is a battery materials company developing and producing silicon
materials for the next generation of lithium-ion rechargeable batteries.
Nexeon’s materials have a transformational impact on battery performance in
terms of energy density, rate of charge and cost of production on a $ per
kWh basis. The company is engaged with a host of blue-chip customers in the
automotive and consumer electronics sectors who see significant benefit in
Nexeon materials to their end markets. Nexeon is headquartered in
Oxfordshire, U.K., and has application engineering labs in Japan.

Ingevity: Purify, Protect and Enhance

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 two
reporting segments: Performance Chemicals, which includes specialty
chemicals and engineered polymers, and Performance Materials, which includes
high-performance activated carbon. These products are used in a variety of
demanding applications, including asphalt paving, oil exploration and
production, agrochemicals, adhesives, lubricants, publication inks,
coatings, elastomers, bioplastics and automotive components that reduce
gasoline vapor emissions. Headquartered in North Charleston, South Carolina,
Ingevity operates from 25 locations around the world and employs
approximately 1,850 people. The company is traded on the New York Stock
Exchange (NYSE:NGVT). For more information visit

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