Oxfordshire-based BatteryTech company Nexeon, a developer of advanced silicon-based battery materials, has completed its latest investment round totalling €116.7 million (£100 million/$133 million), with the UK’s National Wealth Fund committing €61.4 million (£52.6 million/$70 million) of that total.
The Round
Other new investors in the round include the Korea Development Bank and Honda Xcelerator Ventures. The company plans to use the capital to expand its domestic operations, strengthen the UK’s battery supply chain, create jobs, and boost growth.
Dr. Scott Brown, CEO of Nexeon, said: “This investment is a strong endorsement of Nexeon’s technology and our role in enabling the next generation of lithium-ion batteries. The National Wealth Fund’s support reflects the strategic importance of our work, not only in advancing battery performance but also in strengthening the UK’s position in the global battery supply chain.”
The financing also drew comment from UK government figures. Industry Minister Blair McDougall said: “This investment into Nexeon is the latest win for Britain’s world-class advanced manufacturing sector, which will support skilled local jobs and keep our battery industry at the cutting edge of research and innovation. Hot on the heels of a £130 million investment into net zero vehicle technologies, our Modern Industrial Strategy is doubling down on frontier industries like batteries to help businesses like Nexeon grow their business, create skilled jobs and drive good growth right across the UK.”
Chancellor of the Exchequer John Healey MP added: “Companies like Nexeon show the strength of British innovation. And if we are serious about growth, we must be serious about backing British businesses like this with conditions for them to start, scale and succeed here in the UK, as the National Wealth Fund are doing here. That’s how we’ll get good growth and jobs in every postcode.”
The Technology
Founded in 2006, Nexeon is a battery materials and manufacturing company built around a proprietary silicon anode technology. The company says its battery materials enable significantly higher cell energy density, allowing for smaller, more cost-effective battery designs — improving performance across applications including electric vehicles, where it can boost both range and charging times.
Nexeon’s technology is backed by more than 290 patents and an extensive portfolio of cell-manufacturing and automotive partners. Its materials are compatible with all major lithium-ion battery cell formats, including cylindrical, prismatic, and pouch cells, with its global patent portfolio covering all major territories, including the US, Europe, China, South Korea, and Japan.
What’s Next
The National Wealth Fund’s financing will support development of a UK-based pilot manufacturing facility, directly backing Nexeon’s R&D activities and allowing expansion of its manufacturing technology unit, creating a number of new highly skilled jobs.
The round follows Nexeon’s recent launch of a volume production facility for silicon-carbon materials in Gunsan, South Korea, dedicated to improving lithium-ion battery performance — giving the company production capacity on two continents as it scales commercialisation.
Source: EU-Startups
