Oxfordshire-based Nexeon has raised an additional $90m from investors, bringing the total capital raised by the battery materials developer’s funding round to $170m (£139.4m).
Ingevity Corporation, a US-based chemicals and materials company, provided a $60m cornerstone investment in the second close of the equity round.
Separately, Nexeon has received $50m in commercial investments into its technologies.
Nexeon manufacturers silicon-based anode materials for rechargeable lithium-ion batteries.
The batteries are designed for rapid charging and used across a range of applications including electric vehicles, consumer electronics, wearables and sustainable domestic energy storage systems.
Nexeon, which has doubled in size this year, currently supplies its technology to global battery manufacturers and is exploring partnerships with players in the electric vehicle supply chain.
Nexeon said it will use the proceeds of the oversubscribed round to expand its own manufacturing capabilities and mass produce “tens of thousands of metric tonnes annually” of the materials used in rechargeable lithium-ion batteries.
“Lithium-ion is the dominant battery technology for portable device applications, particularly the electric vehicle market,” said Scott Brown, CEO, Nexeon. “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.”
The company has also appointed Ingevity senior vice president Eric Ripple to the Nexeon board as part of the deal.
GLY Mobility Fund, Korean private equity investors Daishin Private Equity and Shinhan Investments also participated in the second close of the funding round.
Nexeon isn’t the only Oxfordshire-based company developing battery technology. Last month, University of Oxford spinout Brill Power secured £8.7m in a Series A round for its battery management control systems.
The post Nexeon closes £139m funding for battery materials manufacturing appeared first on UKTN | UK Tech News.