X-nano, a start-up spun out of the Italian Institute of Technology (IIT), has announced that it has closed a €3.7 million seed round. The round was led by Mito Tech Ventures, an Article 9 SFDR-compliant venture capital fund managed by Mito Technology, alongside Pietro Fiorentini and a group of private investors.
The funds raised will enable the company to accelerate the industrial development of its technology and begin the process of establishing a pilot plant for the sustainable production of synthetic graphite via the non-catalytic pyrolysis of methane. This is the first step in a process aimed at developing a European supply chain for the sustainable production of high-performance synthetic graphite, a strategic material for the lithium-ion batteries used in electric vehicles and energy storage systems.
X-nano is the result of research carried out by a team led by Fabio Di Fonzo, a researcher at the Centre for Nanoscience and Technology at the IIT in Milan, with the aim of developing advanced nanomaterials and coatings for industrial applications related to the energy transition.
La società ha sviluppato un processo industriale proprietario e brevettato basato su un reattore di pirolisi non-catalitico in grado di convertire idrocarburi gassosi di qualsiasi origine, sia fossile, sia bioderivati, in grafite ad alta purezza per batterie al litio e carbonio turbostratico (hard carbon) per batterie al sodio. Il sottoprodotto principale del processo è idrogeno che può o essere usato come fonte energetica del sistema o ceduto ad altri impianti industriali, qualora sia disponibile un’altra fonte di energia elettrica a zero emissioni.
Graphite is a critical material for battery production, particularly for anodes. The development of a European supply chain for high-quality, sustainable synthetic graphite therefore represents a significant step towards reducing dependence on non-European supply chains and strengthening industrial autonomy in the energy storage sector. Today, in fact, over 90% of global production of synthetic graphite for anodes is concentrated in China, and the rapid uptake of electric mobility is causing demand to rise sharply, with an estimated increase of over 300% by 2036 [source: IEA].
“At Mito Technology, we firmly believe that there are real gems to be found within the Italian research ecosystem. We have just identified one at the Italian Institute of Technology. With X-nano, we are confident that we can help resolve one of the main bottlenecks in the energy transition: the scarcity of high-quality synthetic graphite, a resource for which the West depends almost entirely on a small number of producing countries. “Reduced geopolitical dependence and a sustainable production process give us confidence that X-nano can become a key player on the international stage and a highly attractive investment,” says Massimiliano Granieri, chairman of Mito Technology, in a statement.
“We are constantly on the lookout for enabling technologies capable of driving the energy sector forward, particularly those that enhance the gas system. The technology developed by X-nano takes the use of natural gas and biomethane to a higher level, extracting clean energy from methane in the form of turquoise hydrogen and transforming solid carbon into graphite,” says Cristiano Nardi, Executive Chairman of Pietro Fiorentini – “We are excited to continue our journey with X-nano by contributing to its technological and industrial development, and we are convinced that this round will further strengthen the company’s structure thanks to the addition of expertise capable of accelerating market access.”
“Climate change is an urgent reality and electrification is an irreversible process. A battery requires far more materials than a combustion engine, and Europe cannot develop its own industry without controlling the entire supply chain for key materials, as China does today. In 2022, Paolo Mutti and I founded X-nano with the aim of developing advanced and sustainable materials to accelerate the energy transition. We have now decided to focus on the sustainable production of key battery materials,” says Di Fonzo, founder and CEO of X-nano (pictured with the team). “Our goal is to create a production process with zero emissions and zero water consumption, capable of providing the European battery industry with truly sustainable materials at competitive prices and without supply risks.”
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