Green Energy Origin (GEO), a Luxembourg-based supplier of electrolytes and carbon nanotube (CNT) slurries for EV and energy-storage batteries, has secured $110 million in a Series B round, the company announced on Wednesday.
The round was led by BlueCrest Capital Management. Qiming Venture Partners joined as a new investor, while existing backers Sofina, HSG, and NIO Capital also participated in the round. Light Source Capital acted as the exclusive financial adviser.
Founded in June 2023, the company develops advanced battery materials and aims to build an integrated platform for new-energy materials.
GEO said fresh capital will be used to expand R&D, deepen vertical integration, and accelerate its global supply-chain buildout, particularly focusing on commercialisation efforts in Europe and North America.
The company said its efforts in these two regions come at a time of tighter supply of battery components, as demand for materials used in EV cells has outpaced local production.
GEO said the funding will support further R&D and help strengthen its supply chain to address part of the material shortfall in the US and Europe by building large-scale facilities in both markets.
“This round of financing highlights the trust and confidence of the world’s top investors in GEO, injecting sustainable development momentum into GEO. GEO will further strengthen its leading research and development capabilities and accelerate the construction of a global integrated vertical supply chain,” founder and CEO Tony Ma said.
Investors highlighted GEO’s ability to build cost and engineering advantages around upstream materials. Sofina partner Benjamin Sabatier said the firm has backed GEO since its inception and is “pleased to deepen the partnership as it enters its next phase”.
Light Source Capital partners noted GEO’s rapid execution, including completing a European gigafactory in 13 months, and its automation-driven model as differentiators amid a widening supply gap for battery materials in the US and Europe.
