I’m pleased to share an update on our portfolio company AM Batteries and the significant progress the team has made over the past year.
Western battery producers face an existential cost gap with China, one that incremental improvements to conventional manufacturing cannot close. AM Batteries (AMB) is building the platform that can help close that gap. The AMB Powder-to-Electrode™ dry coating technology has the potential to deliver ~45% energy savings, dramatically smaller factory footprints, and $4–6/kWh in cell cost reductions (6 - 10% of overall Li-ion cell cost and ~$123M/yr. for a 30 GWh plant). We believe that AMB is widely regarded by its Tier 1 cell and auto customers as the leading dry electrode technology in the world available to the broader industryand potentially the only viable path to dry coating of LFP (where thick-electrode advantages have even greater cost advantage), and a critical enabler of solid-state batteries at scale.
2025 Progress Highlights
Production milestone: Achieved 20 m/min throughput with excellent yield — the commercial viability threshold for electrode coating — surpassing the maturity level dry extrusion electrode technology had reached when Tesla acquired Maxwell Technologies.
Customer validation: Completed multiple Phase 1 & 2 Joint Development Agreements with Tier 1 OEMs, leading cell makers, and emerging Western producers. In-house cells and customer evaluations showed advantages in power, cycle life, and energy density vs. conventional electrodes.
Live Demo Day: October 2025 eventbrought together OEMs, cell manufacturers, investors, and press to observe the Powder-to-Electrode™ process running live.
Key hire: Franz Fink joined as Chief Commercial Officer.Franz was CEO of Maxwell Technologies and led its acquisition by Tesla — bringing direct, hard-won experience scaling dry electrode technology to AMB's leadership team alongside AMB CTO Hieu Duong, the inventor of Maxwell’s dry extrusion technology.
Near-term industry headwinds including slower EV adoption, shifting policy, continued Chinese cost pressure and more only sharpen AMB's value proposition. When margins compress, a $4–6/kWh structural cost advantage becomes critical and decisive for customers. AMB has entered 2026 with a near production-validated platform, funded customer partnerships, and the leadership to execute. We're proud of the team’s execution and the disciplined progress they’ve made against both technical and commercial milestones and positions the company for real commercial revenue projected in 2027.
Niron Magnetics Opened Washington, D.C. Office to Advance Permanent Magnet Supply Chain Independence
Niron Magnetics announced the opening of a Washington, D.C. office to work more closely with the federal government on reducing America’s dependence on foreign permanent magnets. With a presence in the nation’s capital, Niron Magnetics hopes to leverage its breakthrough Iron Nitride permanent magnet technology to become a central partner in U.S. efforts to secure domestic magnet supply chains for critical applications, including motor vehicles, defense systems, and consumer electronics.
As part of its expanded government engagement, Niron Magnetics also announced that Luke Sandlin, former Senior Legislative Assistant to Majority Whip Tom Emmer, has joined the company as Director of Government Affairs. Sandlin brings deep experience in federal legislative strategy and national security policy, strengthening the company’s ability to navigate upcoming regulatory shifts and work closely with congressional leaders on permanent magnet supply chain issues.
South 8 Technologies Signed Letter of Intent with 3ME Technology to Advance Extreme Cold‑Weather Battery Solutions for Defense
South 8 Technologies has signed a Letter of Intent (LOI) with 3ME Technology, an Australian‑owned specialist in ultra‑safe lithium‑ion battery systems for defense, mining and maritime operations, to collaborate on the development of next‑generation lithium‑ion battery solutions designed for extreme cold‑weather and Arctic defense operations.
Under the agreement, South 8 will supply LiGas battery cells at production scale, which enable operation between ‑60 °C (-76 °F) and +60 °C (140 °F), and 3ME will integrate them into its EdgeVOLT battery solution. The battery systems are expected to be deployed in extreme environments, including sustained Arctic conditions. Unlike conventional lithium-ion batteries, which suffer significant energy loss and increased safety risks in sub-zero climates, LiGas technology enables reliable discharge and recharge across a wide operating range, addressing critical gaps in mission endurance, communications reliability, and silent watch capability.
Codetta Bio Announced Commercial Availability of Concerto™ System and New Customizable Cytokine and Neuroscience Panels at AGBT 2026
Codetta Bio™,announced major product and commercialization milestones at the AGBT General Meeting in late February. The company has transitioned its Concerto™ system to commercial production and has begun installing systems at customer sites. Codetta Bio also unveiled its near-term product roadmap, including the upcoming launch of new customizable panels for multi-omic studies of immunology and neuroscience.
As part of this roadmap, the company highlighted the upcoming launch of the Prelude™ Cytokine Panel and Prelude Neuroscience Panel. The panels include assays for twelve core targets and can be expanded with up to eight additional protein, RNA, or DNA targets, enabling up to 20-plex multi-omic analysis in a single run.
ExOne Global Holdings Announced Board of Directors
ExOne Global Holdings announced its Board of Directors, bringing together industrial technology operators, investors, and additive manufacturing leaders with global experience across commercialization, capital formation, and operational execution. The Board will support ExOne Global’s strategic priorities, including disciplined scaling, international market development, and partnership-led growth.
The board includes:
Whitney Haring-Smith, Chair and Director - co-founding Managing Partner at Anzu Partners
Eric Bader, CEO and Director - CEO of ExOne Global with leadership responsibilities spanning Europe, the Middle East, and Asia-Pacific
John Hartner, Director - John Hartner previously served as Chief Executive Officer of The ExOne Company prior to its acquisition in 2021
Rudolf Franz, Director - Rudolf Franz has been part of voxeljet’s leadership since joining its founding team in the early 2000s
Jenna Abelli, Director - Senior Principal, Investment at Anzu Partners
Please reach out to info@anzupartners.com if you’re interested in meeting with us at any of these events.
ADDITIONAL PC MEDIA COVERAGE
Anzu Partners Managing Partner Whitney Haring-Smith contributed a piece on the ExOne + voxeljet combination to 3DPrint.com.
NTx Bio CEO Dr. Joan Haab was quoted in a New York Times* piece on how federal policies have impacted the vaccine industry and research.
XGS Energy was featured in a Latitude Media piece about geothermal’s breakout moment and in a Frost & Sullivan piece on growth opportunities within geothermal.
Xendee CEO Adib Nasle was interviewed by Heatmap News* about data center’s power problem.
MedCrypt was featured in a MDDI piece on the FDA’s QMSR and cybersecurity mandates for medical devices.
*Requires subscription to read
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ABOUT ANZU PARTNERS
Anzu Partners is an investment firm that focuses on industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep experience in business development, market positioning, intellectual property, global connectivity, and operations. For more information, please visit https://anzupartners. com/.
The information contained in this newsletter is being provided by Anzu Partners for informational purposes only. The information was obtained from various sources, but Anzu Partners cannot assure its accuracy. This is neither an offer to sell nor a solicitation for an offer to buy an interest in any fund managed by Anzu Partners. Any such offer or solicitation will only be made to qualified potential investors pursuant to a private placement memorandum. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.
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