Denka : Investment Made in a Startup to Launch the Carbon Nanotube (CNT) Business - Second Investment Project through the CVC Fund

June 18, 2024

Denka Company Limited

Investment Made in a Startup to Launch the Carbon Nanotube (CNT) Business

- Second Investment Project through the CVC Fund -

Denka Company Limited (Head Office: Chuo-ku, Tokyo; Representative Director, President: Toshio Imai) has

invested in CARBON FLY, Inc. (Head Office: Koto-ku, Tokyo; President: Fei Deng; hereinafter referred to as CARBON FLY), a startup company developing carbon nanotubes, through a Corporate Venture Capital (CVC) fund jointly managed with Pegasus Tech Ventures.

CARBON FLY has been involved in the development of nanocarbon materials and their related products, mainly carbon nanotubes, using acetylene as a raw material, and we at Denka Company Limited have been considering collaboration with CARBON FLY. CARBON FLY possesses the technological capabilities of producing multi- walled carbon nanotubes with the features of high purity, uniformly controlled size and ease of processing based on its proprietary manufacturing method, with the philosophy of social implementation of the products in a wide variety of applications.

Through our investment in CARBON FLY, we at Denka Company Limited are to establish a partnership in joint development for improving performance in combination with our proprietary DENKA BLACK® for the purpose of lithium-ion battery applications. In the future, we at Denka Company Limited will also support CARBON FLY in its manufacturing technology in developing carbon nanotubes from carbon dioxide as a raw material, thereby aiming to establish a sustainable supply chain for lithium-ion batteries.

Based on our Mission 2030 management plan, we at Denka Company Limited set up the CVC fund in January last year in order to promote the creation of new businesses through investment in and/or tie-up with startups possessing their own cutting-edge technologies from around the world. We at Denka Company Limited have planned approximately USD 100 million of capital spending for initiatives through CVC by FY 2030.

Denka Company Limited will continue contributing to people's daily lives and society by applying its world-class chemistry know-how based on the Purpose of Mission 2030: "Make the world a better place as specialists in chemistry."

End of Press Release

・ Head Office:	Koto-ku, Tokyo
・Business outline:	Development, manufacture, and sales of facilities,
	peripheral equipment, etc. related to nanocarbon materials

and their related products

・Official website: https://carbonfly.co.jp/

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[Reference: Previous press releases related to this topic (Our official website)]

・January 17, 2023: Signing ceremony was held for the establishment of Corporate Venture Capital (CVC) https://www.denka.co.jp/storage/news/pdf/1099/20230117_denka_cvc.pdf

[For Inquiries about This Press Release from Media] Corporate Communications Dept.

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[Contact for Inquiries from Customers]

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