UK battery materials firm Nexeon secures further USD 90m to help scale up

Image by Nexeon.

August 3 (Renewables Now) - UK-based battery materials developer and maker Nexeon on Wednesday announced a USD-90-million (EUR 88m) second close of a funding round now totalling USD 170 million.

The company added the funds will help it expand its manufacturing potential to produce tens of thousands of tonnes a year of its silicon-based anode materials for lithium-ion batteries. Nexeon says its battery materials provide for rapid charging and high energy density.

“This oversubscribed funding round and other investments provide us with all the resources we need to execute on the manufacturing strategy for our game changing battery technology. We have already doubled in size this year as we have started to scale up,” commented Nexeon chief executive Scott Brown.

US speciality chemicals company Ingevity Corp (NYSE:NGVT) became a strategic investor, participating with USD 60 million in this second close, according to a separate announcement. Ingevity invested alongside GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments. The second close followed an initial USD-80-million fundraising in January that was spearheaded by Korean advanced materials company SKC. In addition to the overall amount raised, the investment round is leading to USD 50 million of commercial investments in Nexeon’s technologies.

“We are very excited to partner with Nexeon to advance technologies that will increase the efficiency and durability of lithium-ion batteries used in electric vehicles and other consumer electronics, and ultimately contribute to efforts to protect our environment,” remarked Ingevity chief executive John Fortson.

Ingevity said its investment will allow Nexeon to further develop its next-generation silicon anode material, called NSP-2, and support the construction of manufacturing facilities for the commercialisation of its products.

(USD 1 = EUR 0.978)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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