PitchBook-新興空間簡介：碳納米管（英）

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AliJavaheri

Analyst,EmergingTechnologyali.javaheri@

EMERGINGSPACEBRIEF

CarbonNanotubes

OriginallypublishedonJanuary18,2024

pbinstitutionalresearch@

Trendingcompanies

Overview

Carbonnanotubes(CNTs)arenanoscalesheetsofgraphenerolledintoacylindricaltube.CNTshavespecialfeaturesandabilities,someofwhicharesimilartographitewhileotherscomefromtheirtube-like,one-dimensionalshape.Dependingontheirspecificstructure,CNTscanbehavelikemetalsorsemiconductors,whicharekeyinelectronicdevices.MetallicCNTs,inparticular,canconductelectricityover1000xbetterthancommonmetals,suchascopper.Theyhaveauniquewayofconductingelectricitythatmakesthemextremelyefficientandmobile,surpassingmany

standardsemiconductors.

CarbonnanotubesVCdealactivity

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CNTsaremuchstrongerthansteel,andtheyconductheatbetterthandiamond.Theyalsohaveaveryhighsurfacearearelativetotheirsize,whichmakesthemquitelightandstrong.CNTsarealsohighlystableandcanresistmostchemicalreactions,unlesstheyareexposedtohighheatandoxygen.Theseproperties

makeCNTsexcellentforawiderangeofapplications,includingvariouselectroniccomponents,sensors,batteries,andmaterialsforprotectingagainstelectricity.1

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Background

ThehistoryofCNTsisatapestryofdiscoveryanddebate.Thematerial’sorigins

canbetracedbackto1952whenSovietscientistsL.V.RadushkevichandV.M.

Lukyanovichpublishedimagesofnanometer-sizedcarbontubes,thoughthisearlyworkwaslargelyoverlookedduetolimitedaccesstoSovietscientificresearchfor

201820192020202120222023*

Dealvalue($M)Dealcount

Source:PitchBook?Geography:Global*AsofJanuary9,2024

Westerncolleagues.2Theterm“carbonnanotubes”wascoinedbySumioIijimain

1991whenheobservedneedle-likecarbonstructuresunderanelectronmicroscope,whichheidentifiedasmultiwalledcarbonnanotubes.Single-walledvariantswere

discoveredshortlyafterin1993.Thetheoreticalpredictionsandsubsequent

experimentalconfirmationsofCNTs’uniqueelectricalpropertiesfueledasurgeinresearchandpotentialindustrialapplications,makingthemacornerstoneofnanotechnologyandmaterialsscience.3

1:“CarbonNanotube,”ScienceDirect,WaqarAhmed,etal.,n.d.,accessedJanuary10,2024.

2:“ABriefIntroductionofCarbonNanotubes:History,Synthesis,andProperties,”IOPPublishing,JunqiChen,etal.,2021.

3:“SumioIijima,”InternationalBalzanPrizeFoundation,n.d.,accessedJanuary10,2024.

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EmergingSpaceBrief:CarbonNanotubes

Technologiesandprocesses

Typesofcarbonnanotubes

Single-walledandmultiwalledcarbonnanotubesarethetwomaintypesofCNTs,withthethirdtypebeingtheless-commondouble-walledCNT.

Single-walledcarbonnanotubes(SWNTs):Thesenanotubesarecomposedofa

singlelayerofgraphenerolledintoacylindricalshape.Theyareknownfortheir

remarkableelectricalproperties,whichcanvaryfrommetallictosemiconducting

dependingontheirgeometryanddiameter.SWNTstypicallyhavediametersrangingfromabout1to2nanometers.Duetotheiruniformstructure,theyofferhighaspectratiosandexceptionalmechanicalstrength,makingthemidealforapplicationsin

nanoelectronics,sensors,andvariouscompositematerials.4

Multiwalledcarbonnanotubes(MWNTs):Thistypeofnanotubeconsistsof

multiplelayersofgraphene,eachformingaconcentrictubearoundtheother,

resemblingasetofnestedcylinders.Theygenerallyhavediametersrangingfrom7to100nanometers.MWNTsareknownfortheirincreasedthermalandelectricalconductivitycomparedwithSWNTs,buttheyhavefeweruniformelectronic

properties.Theirmultilayeredstructureprovidesenhancedmechanicalstrength,whichisbeneficialforapplicationsinmaterialsreinforcement,energystorage,andnanodevices.5

Double-walledcarbonnanotubes(DWNTs):ThisvariantisaspecialtypeofMWNTthathasexactlytwoconcentricgraphenelayers.TheycombinesomepropertiesofbothSWNTsandMWNTs,offeringabalancebetweenthestrengthandflexibility

ofMWNTsandtheelectricalpropertiesofSWNTs.DWNTsarelesscommonthantheothertwotypesandareparticularlyinterestingforresearchduetotheiruniqueelectronicandmechanicalproperties,whichmakethemsuitableforapplicationslikenano-electromechanicalsystemsandhigh-strengthmaterials.6

Carbonnanotubesynthesistechniques7

Chemicalvapordeposition(CVD):CVDisapopularmethodforproducingCNTs,especiallyvaluedforitsprecisecontrolovernanotubecharacteristicslikelength,diameter,alignment,andpurity.Thismethod,typicallyoperatingattemperaturesbelow800degreesCelsius(C),involvesthechemicalbreakdownofhydrocarbonsonasubstrate,ofteninthepresenceofmetalliccatalystslikenickel,cobalt,or

iron.TypesofCVDincludethermalcatalyticchemicalvapordeposition,plasma-enhancedCVD,andothers.Itsadvantagesareitssimplicity,lowtemperature,highpurity,andsuitabilityforlarge-scale,alignedgrowthofCNTs.

Laserablation:Inlaserablation,high-poweredlaservaporization(typicallyYAGtype)heatsablockofpuregraphiteinafurnaceataround1,200degreesCinanargonatmosphere.Metalparticlesareoftenaddedascatalysts.Thismethodis

4:“Single-WalledCarbonNanotubes:Structure,Properties,Applications,andHealth&Safety,”O(jiān)CSiAl,MarinaFilchakovaandVladimirSaik,May12,2021.

5:“ApplicationsofMulti-WalledCarbonNanotubes,”Nanografi,EmiliaColdwell,May17,2021.

6:“DoubleWalledCarbonNanotubes(DWCNTs)-NanografiBlog,”Nanografi,ArslanSafder,June21,2019.

7:“CarbonNanotubes:Properties,Synthesis,Purification,andMedicalApplications,”NanoscaleResearchLetters,AliEatemadi,August13,2014.

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EmergingSpaceBrief:CarbonNanotubes

knownforproducingSWNTswithhighpurityandquality.Thediameterofthe

nanotubesdependsonthelaserpower.Anotablebenefitisitshighyieldandlowmetallicimpurities,butthismethodisnoteconomicallyadvantageousforlarge-scaleproductionandthenanotubesproducedmaynotbeuniformlystraight.

Carbonarcdischarge:Thistechniqueinvolveshightemperatures(above1,700

degreesC)andusesarcdischargebetweenhigh-puritygraphiteelectrodesina

heliumenvironment.ItiseffectiveforcreatingfewerstructuraldefectsinCNTsandcanproducebothSWNTsandMWNTs.ThemethodboastshighyieldsofSWNTs

withanaveragediameterof1.4nanometers.Themainadvantageisitspotentialforlarge-quantityproduction,butitofferslittlecontrolovernanotubealignmentandrequirespurificationduetometalliccatalysts.

Purification8

Thepurificationofcarbonnanotubes(CNTs)involvesaseriesofstepstoremove

impuritieslikeamorphouscarbon,metalcatalystparticles,andothercarbonaceousmaterials.Thesestepsincludeacidtreatment,oftenusingconcentratedacidslike

nitricorhydrochloricacid,todissolvemetalparticles.FiltrationandcentrifugationtechniquesareemployedtoseparateCNTsfromlargergraphiteparticlesand

solvents.Additionally,thermaloxidationisusedtoeliminateamorphouscarbon,

whilesizeexclusionchromatographyandultrasonicationaidinseparatingand

dispersingnanotubes.Thesemethodsvaryincomplexityandeffectiveness,andarecrucialforachievingthehighpurityrequiredforspecificapplicationsofCNTs.Thedevelopmentofsingle-step,nondestructivepurificationprocessesthatmaintainthepropertiesofCNTsisacrucialareaforfutureresearch.

Applications

Biologicalandbiomedicalresearch:CNTshaveshownpromiseinimproving

mechanicalpropertiesofbiodegradablepolymericnanocompositesfortissue

engineeringapplicationswithmaterialssuchasbone,cartilage,muscle,andnerve

tissue.DuetotheircompatibilitywithbiomoleculeslikeDNAandproteins,CNTshavebeenutilizedinfluorescentandphotoacousticimaging,localizedheatingforcancertherapy,andbiosensorsfordetectingvariousbiologicalsubstances.

Compositematerials:CNTsareincorporatedintomaterialstoenhancetheir

mechanicalproperties,makingthemapplicableinitemsrangingfromeverydaygoodslikeclothesandsportsgeartospecializedapplicationssuchascombatjacketsand

spaceelevators.Theirhighmechanicalstrengthandconductivityhaveledtotheiruseinmanufacturingwindturbineblades,maritimesecurityboats,andsportsgoods.

Microelectronics:Carbonnanotubefield-effecttransistorsandotherelectronic

componentsmadefromCNTshavebeendeveloped,showingthepotentialtooperateatroomtemperatureandperformdigitalswitchingusingasingleelectron.Theyareconsideredalternativestotraditionalmaterialsinvariouselectronicdevices,offeringimprovementsinperformanceandsize.

8:“CarbonNanotubes:Properties,Synthesis,Purification,andMedicalApplications,”NanoscaleResearchLetters,AliEatemadi,August13,2014.

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EmergingSpaceBrief:CarbonNanotubes

Energystorageandsolarcells:CNTshavebeenappliedinenergystoragedeviceslikesupercapacitorsandbatteries,improvingcapacityandcyclability.Insolarcells,CNTscontributetoincreasedefficiencythroughtheirstrongUV,visible,andnear-infraredlightabsorptioncharacteristics,andtheyarebeingexploredaspotentialreplacementsforindiumtinoxideinphotovoltaicdevices.

Hydrogenstorage:ResearchhasfocusedonusingCNTsforstoringhydrogengasathighdensitieswithoutcondensingitintoaliquid,providingapotentialsolutionforhydrogen-poweredvehiclesbyallowingstorageinitsgaseousstate,therebyincreasingefficiency.

Environmentalremediation:CNTshavebeenusedinwatertreatmentprocessesastheyexhibitstrongadsorptionaffinitiesforvariouscontaminants.Theyarealsobeingexploredforairpurificationaswellasfordevelopingcoatingsandmaterialsforenvironmentalcleanupapplications.

Limitations

CNTsfacesignificantlimitations,particularlyintermsofscalabilityandcostas

wellasenvironmentalandhealthconcerns.Scalabilityremainsamajorissue,as

producinghigh-qualityCNTsonalargescaleisexpensive,withthecostofsingle-walledCNTsrangingfrom$75pergramto$300pergram.9Thishighcostisa

barriertotheirwidespreaduse,especiallyinapplicationsrequiringlargequantities.Additionally,ensuringconsistentqualityduringmassproductionischallenging;

issueslikeimpurityandstructuraldefectscansignificantlyaffecttheelectricalandmechanicalpropertiesofCNTs.

Environmentalandhealthconcernsalsoposelimitations.TheimpactofCNTson

humanhealthandtheenvironmentisnotyetfullyunderstood,leadingtohesitationsintheiruse,particularlyinconsumerproducts.Potentialtoxicityandtheeffectsoflong-termexposuretoCNTsrequirecarefulconsiderationandmanagement.ThesechallengesunderscoretheneedforadvancementsintheproductionofCNTs,aimedatimprovingscalabilityandcost-effectiveness,whilealsoaddressingsafetyand

environmentalconcerns.

Recentdealactivityandmarketoutlook

RecentventurecapitalactivityintheCNTmarkethighlightsthegrowinginterest

insophisticatedenergystoragesolutions,whichareessentialforthetransition

tocleanenergy.OmegaPower’ssignificant$18.0millionSeriesAfundinginJuly

2023,aimedatadvancingtheirCNT-basedlithiumbatteryelectrodes,underscoresthistrend.Additionally,Nano-C’simpressive$50.0millionfundinginJanuary

2023,cateringtoadiverserangeofapplicationsfromrenewableenergyto

semiconductors,reflectsthebroadpotentialofCNTs.However,2022markedan

exceptionalyear,largelyduetoOCSiAl’ssubstantial$300.0millionroundinMarch.Excludingthis,2022experiencedadipindealactivity,parallelingtrendsinthe

broaderventurecapitalmarketof2021.Yet,2023witnessedaresurgence,indicatingafluctuatingbutpromisingtrajectoryinCNTdealactivityoverthepastfiveyears.

9:“SingleWalledCarbonNanotubes,”CheapTubes,n.d.,accessedJanuary10,2024.

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EmergingSpaceBrief:CarbonNanotubes

Foradeeperdiveintothedataandtoexploreadditionalinsights,visitthePitchBook

Platformor

requestafreetrial.

Quantitativeperspective

194

552

companies

deals

43

deals(TTM)

-10.4%YoY

$1.5M

mediandealsize

(TTM)

29.5%YoY

492

investors

$9.8M

medianpost-moneyvaluation(TTM)

-35.9%YoY

$2.5B

capitalinvested

$180.4M

capitalinvested

(TTM)

-77.7%YoY

*AsofJanuary9,2024

Topcarbonnanotubescompaniesbytotalraised*

Company

Totalraised($M)

Latestdealvalue($M)

Lastdealdate

Dealtype

HQlocation

Yearfounded

OCSiAl

$300.0

$300.0

March29,2022

Late-stageVC

Leudelange,Luxembourg

2009

Susn

$273.2

$84.0

April1,2020

M&A

Shenzhen,China

2011

Nantero

$169.0

N/A

August2,2021

M&A

Woburn,US

2001

CNano

$155.8

$134.8

July15,2019

IPO

Zhenjiang,China

2007

Nano-C

$128.0

$50.0

January5,2023

Late-stageVC

Westwood,US

2001

Prometheus

$115.8

$100.0

September23,2021

Early-stageVC

SantaCruz,US

2018

Canatu

$75.6

$17.7

November1,2022

Late-stageVC

Vantaa,Finland

2004

ChangxinChemicalTechnology

$75.3

N/A

January6,2023

IPO

Dezhou,China

2009

JEIOCo

$71.1

$97.1

November18,2022

IPO

Incheon,SouthKorea

1994

Nanocomp

Technologies

$54.7

$2.2

December31,2021

Grant

Merrimack,US

2004

Source:PitchBook?Geography:Global?*AsofJanuary9,2024

5

EmergingSpaceBrief:CarbonNanotubes

TopcarbonnanotubescompaniesbyExitPredictoropportunityscore*

Totalraised($M)

Opportunityscore

Success

probability

M&A

probability

IPOprobability

Yearfounded

HQlocation

Company

Picopack9576%53%23%$5.8Daejeon,SouthKorea2016

Carbice

93

85%

82%

3%

$16.5

Atlanta,US

2011

AlignedCarbon

89

81%

80%

1%

$3.6

SantaClara,US

2018

Cens

88

79%

77%

2%

$4.9

TelAviv,Israel

2014

OCSiAl

87

94%

60%

34%

$300.0

Leudelange,Luxembourg

2009

UPCatalyst

83

75%

74%

1%

$5.0

Tallinn,Estonia

2019

MattrixTechnologies

80

73%

72%

1%

$8.0

Gainesville,US

2018

AwexomeRay

72

85%

79%

6%

$14.3

Anyang-si,SouthKorea

2018

MeijoNanoCarbon

71

65%

62%

3%

$7.2

Nagoya,Japan

2005

NovaSolix

68

56%

43%

13%

$22.7

Newark,US

2015

Source:PitchBook?Geography:Global?*AsofJanuary9,2024

Note:ProbabilitydatabasedonPitchBook

VCExitPredictorMethodology

.

Topcarbonnanotubescompaniesbynumberofactivepatents*

Company

Activepatentdocuments

Totalraised($M)

HQlocation

Yearfounded

Nantero

431

$169.0

Woburn,US

2001

BrewerScience

395

N/A

Rolla,US

1981

HyperionCatalysisInternational

222

N/A

Cambridge,US

1982

Nano-C

154

$128.0

Westwood,US

2001

Nanocomp

Technologies

128

$54.7

Merrimack,US

2004

BNNTMaterials

98

$5.5

NewportNews,US

2010

MolecularRebar

Design

96

N/A

Austin,US

2012

Canatu

83

$75.6

Vantaa,Finland

2004

C2CNT

63

N/A

Calgary,Canada

1987

Thermoheld

58

N/A

Bayreuth,Germany

2002

Source:PitchBook?Geography:Global?*AsofJanuary9,2024

6

EmergingSpaceBrief:CarbonNanotubes

Topcarbonnanotubesinvestors*

Investor

Investments

HQlocation

NationalScienceFoundation

21

Alexandria,US

UnitedStatesDepartmentofDefense

20

Washington,US

USDepartmentofEnergy

12

Washington,US

UnitedStatesAirForce

10

UniversalCity,US

180DegreeCapital

5

Montclair,US

CRV

5

SanFrancisco,US

NationalAeronauticsandSpaceAdministration

5

Washington,US

NIHSeed

5

Bet