Abingdon, Oxfordshire-based Nexeon a battery material manufacturer and developer recently announced the second close of the fundraising, which resulted in a total investment of $170 million. Additionally, $50 million more in commercial investments are being done in Nexeon’s facilities and technologies as a result of the investment round. Money raised from the investment round will be used by Nexeon to boost the expansion of its manufacturing capabilities and mass production of thousands of tons of silicon-based anode materials for utilisation in lithium-ion batteries. Nexeon is already a supplier to a number of global battery manufacturers and OEMs and is engaged with regional enterprises as the electric vehicle market is developing a supply chain for new products.
Commenting on the funding round Scott Brown, Nexeon Chief Executive, said, “These substantial multinational strategic investors and partners are a strong endorsement of our technology, capabilities and our vision – to produce class-leading battery materials, making for a more sustainable and efficient world.
“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.
“Lithium-ion is the dominant battery technology for portable device applications, particularly the electric vehicle market. We see wide-ranging market opportunities for our products given the continued improvement in battery technology, environmental pressures and new and widening market opportunities to address growing demand in all walks of life.”
GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments also partook in the second close of the investment series which raised a further $90 million. The first close of the investment series, which received $80 million was led by SKC, an advanced materials company out of Korea, along with private equity firm SJL.