I Squared Capital has agreed to acquire a majority equity interest in ENTEK Technology, a global manufacturer of battery separators.
I Squared’s $800 million investment complements a loan from the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing (ATVM) program of up to $1.3 billion. The investment will fund construction of a gigafactory in Terre Haute, Ind. — the first and only facility of its kind in the United States producing wet-process, lithium-ion battery separators, critical components for batteries powering electric vehicles, energy storage systems, defense equipment and digital infrastructure.
With initial funding already provided, these combined investments underscore the importance of strong public-private collaboration in securing U.S. domestic manufacturing of strategic technologies.
Larry Keith, CEO of ENTEK, said, “With I Squared’s capital, strategic expertise and global network, ENTEK will expand the United Statesâ
