UK battery materials firm Nexeon raises GBP 30m

Nexeon Ltd has raised GBP 30 million (USD 43.6m/EUR 37.9m) in an equity funding round to advance its battery materials technology, Imperial Innovations Group plc (LON:IVO) said on Wednesday.

The Innovations portfolio company, which is based in Oxfordshire, England, is developing silicon anodes for next generation lithium-ion rechargeable batteries. It will use the funds to build a development laboratory in Asia and to acquire intellectual property (IP) and complementary technology. The money will also allow it to start work on the design of a larger manufacturing facility.

Innovations has committed GBP 5 million to the round and will now hold a 33.7% stake Nexeon. Existing investor Invesco Asset Management and new investor Woodford Investment Management LLP also took part in the funding round.

According to the announcement, batteries made with silicon anodes have increased capacity, providing for lighter batteries with more energy and a longer lifetime between charges. They can be used in applications ranging from mobile consumer devices, to electric vehicles and energy storage of renewable energy.

"Whilst market adoption has been slower than originally anticipated, there are now indications that the pace is accelerating," said Imperial Innovations chief executive Russ Cummings.

"This additional funding will allow the Company to establish even closer links with its target markets in Asia, as well as to capture complementary intellectual property," he commented, adding that both would help the company consolidate its position in the race to commercialise silicon as an alternative to carbon-based anode systems.

(GBP 1.0 = USD 1.452/EUR 1.264)

Choose your newsletter by Renewables Now. Join for free!