XG Sciences announced today it has closed on a strategic investment led by Samsung Ventures Investment Corporation.
Philip Rose, XG Sciences CEO, said the investment will be used to fund additional research and development of the company’s advanced materials. The terms of the investment were not disclosed.
“The investment from Samsung is a real honor for XG Sciences,” Rose said “and it represents another significant milestone in our progress toward commercialization of large-scale graphene applications. A number of applications for our advanced graphene and battery materials have been demonstrated in the electronics industry, and a partner like Samsung will help us move these applications to market faster than we could on our own.
We look forward to formalizing our development work with Samsung SDI in a joint development program aimed at next-generation batteries for consumer electronics and other devices. Samsung’s shareholding will reinforce our leading position and help serve all our customers better.”
“Our investment in XG Sciences is consistent with our strategy to work closely with established market leaders.” says Michael Pachos, Senior Investment Manager at Samsung Ventures. “XGS is a technology leader and has built a significant business in the graphene and energy storage spaces. The company has demonstrated both a technical and business vision in driving adoption of graphene across a wide variety of industries and we look forward to contributing to the progress of XG Sciences.”