Eagle Point Credit Management has provided strategic credit financing to Microporous to support the construction of a lithium-ion battery separator manufacturing facility in Danville, Virginia. Elda River Capital also participated in the financing. Financial terms were not disclosed.
Microporous is a portfolio company of Trent Capital Partners and manufactures battery separators used across automotive, industrial and energy storage markets.
Eagle Point directly originated and structured the financing, which will help Microporous expand its domestic production capacity as demand increases for lithium-ion batteries used in vehicles, industrial equipment and grid-scale storage systems.
The Danville facility will complement Microporous’ existing production operations in Piney Flats, Tennessee, and Feistritz, Austria.
Microporous said the financing allows the project to move from planning into execution while strengthening its ability to supply high-performance separator products to the U.S. lithium-ion battery market.
Battery separators are components positioned between a battery’s positive and negative electrodes. They are designed to prevent electrical contact between the electrodes while allowing ions to move through the battery.
Eagle Point manages approximately $14 billion across private credit strategies, including infrastructure credit, strategic credit, specialty finance and collateralized loan obligation securities.
Elda River has committed more than $7.3 billion across over 74 investments since its founding and focuses on energy and infrastructure opportunities.
KEY QUOTES:
“Microporous’ strong sponsor support, deep operating history, experienced team and established leadership in battery separator manufacturing made this a compelling opportunity for our strategy.”
Jennifer Powers, Principal and Head of Infrastructure Credit at Eagle Point Credit Management
“With the support of Trent, Eagle Point and Elda River, we are accelerating our expansion and strengthening our ability to deliver high-performance separator solutions for the lithium-ion battery market.”
John Reeves, CEO of Microporous
“A significant augmentation of the company’s existing lithium-ion separator production capacity in Piney Flats, Tennessee, will position Microporous to serve this exploding market for years to come.”
Ray Desrocher, Managing Partner of Trent Capital Partners
