Member Article

Nexeon Raises £30m for Next Generation Batteries

Nexeon - the technology company developing silicon materials for next generation rechargeable (Li-ion) batteries – has successfully completed a £30 million funding round. The company received funding from existing investors and a new investor, Woodford Investment Management.

Nexeon reports it will use the new funds to acquire IP and complementary technology, to open a development lab in Asia near its key customers, and to begin work on the design of a larger manufacturing facility. The company believes that these initiatives will further strengthen its ability to achieve world-leading levels of battery energy density, and to satisfy the demand for superior battery performance in applications ranging from smart phones, wearables, drones and other mobile consumer devices to e-bikes and electric vehicles.

Dr Paul Atherton, Nexeon Chairman, said: “We are delighted at the confidence shown by our existing investors and by our new investor, Woodford Investment Management, who clearly share our belief in the potential for silicon anode technology and acknowledge the strength of our management and product development teams.” Nexeon CEO, Dr Scott Brown added: “It is now widely accepted that silicon materials are the key to improved energy densities in Li-ion batteries, and that the winning technology will be both high performance and low cost. This investment will allow us to progress our technology, our low-cost manufacturing capability and our commercial partnerships”.

This was posted in Bdaily's Members' News section by Terry Nicklin .