UK technology business Nexeon has completed a £30 million ($43.5million) funding round as it looks to commercialise its silicon materials for lithium-ion markets.
The completion allows Nexeon to move forward with plans for developing its silicon materials for next generation lithium-ion batteries.
The Oxford-based company told BBB it plans to continue acquiring intellectual property in complementary binder, electrolyte and cathode technologies for use in conjunction with its silicon anode, and it has signed a lease on a laboratory facility in Japan.
The company currently has a manufacturing facility in the UK producing 20 metric tonnes a year but aims to start work on a bigger manufacturing facility “within the next three years”.
This will be located near lithium-ion cell manufacturing plants such as those currently in Asia or potentially Nevada, US, or Europe.
Nexeon’s CEO Dr Scott Brown told BBB: “It is now widely accepted that silicon materials are the key to improved energy densities in lithium-ion batteries, and that the winning technology will be both high performance and low cost.
“Compared with carbon, silicon enables the production of batteries with higher energy density, as it has up to 10 times the capacity for lithium on a gravimetric basis and up to three times on a volumetric basis, and this can allow extended usable life and significantly increased battery capacity.
“We are focused on making and selling silicon anode materials but do not rule out making other materials needed to make rechargeable batteries.”
Nexeon is developing a range of materials with differing morphologies and capacities. Its first commercially available material is a silicon capable of capacities up to 1,000mAh/g.
A number of OEMs have recently released results using silicon, with LG Chem and BMW achieving >700 Wh/l or >300Wh/kg respectively in cells.
Nexeon’s technology is designed for easy adoption into existing lithium-ion battery production lines with its materials able to replace graphite when used in combination with conventional polymer binders, the firm says.
A commercial 2,600 mAh 18650 lithium-ion cell uses around 10g of graphite anode material, but the company claims just 2.6g of its first generation structured silicon can replace the graphite.
Nexeon plans to target the smart phones, wearables, drones and e-bike and electric vehicle markets.
The funding included money from existing investors and new investor Woodford Investment Management.
