Nexeon Raises $200 Million To Fund Battery Materials Manufacturing

Highlights :

  • The capital raised will help mass produce tens of thousands of metric tonnes annually of the silicon-based anode materials for use in rechargeable Lithium-ion batteries.
  • The company claims to have already doubled in size this year as it has started to scale up.

Nexeon has announced that it has completed the second close of its fundraise resulting in a total investment of $170 million furthering to the announcement of its strategic partnership with and investment from Korea based SKC last January.  $50 million is also being commercially invested in Nexeon’s technologies as a result of the investment round.

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Nexeon is the UK based battery materials and manufacturing company with a unique silicon anode technology.

The official statement release informed that the capital raised will provide Nexeon with further resources to accelerate the expansion of its own manufacturing capabilities to mass produce tens of thousands of metric tonnes annually of its silicon-based anode materials for use in rechargeable Lithium-ion batteries.

Nexeon claims to be supplying various Tier 1 global battery manufacturers and OEMs while engaging with emerging regional players as the EV market establishes new supply chains for products.

Nexeion shared that chemical manufacturing company Ingevity Corporation is the latest cornerstone strategic investor to join a strong shareholder group with extensive manufacturing and automotive market experience. Senior VP at Ingevity, Erik Ripple, has been elected to the Nexeon board. GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments lent participation in the second close of the round which raised an additional $90 million.

The first close of the investment round raised $80 million. It was led by Korea-based company, SKC and private equity firm SJL.

Scott Brown, Nexeon CEO, said, “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.”

John Fortson, Ingevity Corporation Chief Executive Officer, commented, “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.”

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