Battery materials developer Nexeon is set to expand its annual manufacturing capabilities after securing $90 million in its latest fundraising round— bringing its total investment to $170 million.
The cash from the second round of fundraising will provide Nexeon with resources to mass produce “tens of thousands” of metric tonnes of its silicon-based anode materials for lithium-ion batteries.
The latest funding round included chemical firm Ingevity Corporation, GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments.
Ingevity Corporation has also become a cornerstone strategic investor to join Nexeon’s shareholder group, with the US firm’s senior vice president Eric Ripple joining Nexeon’s board.
Additionally, a further $50 million of commercial investment is being made in Nexeon’s technologies following the investment round, with Scott Brown, Nexeon chief executive, telling BEST it is “related to license fees (related to NSP1) and other direct capex related payments”.
Nexeon says it supplies a number of Tier 1 global battery manufacturers and electric vehicle OEMs— cannot give names due to confidentiality agreements, however, it is working with PPES (Toyota and Panasonic JV) and with Britishvolt (Innovate UK project: SABRE)
It is also actively engaged with emerging regional players as the electric vehicle market develops new supply chains for its products.
The first close of the investment round, which raised $80 million was led by SKC, one of Korea’s leading advanced materials companies, along with private equity firm SJL.
In March, Nexeon bolstered its board by adding Steve Lim of private equity investment company SJL Partners, Dr Christoph Kniehase of German chemical company Wacker Chemie and Robin Lincoln of investment firm Hambro Perks.
