Nexeon has successfully completed a £30 million (US$43.3 million) funding round. The company received funding from existing investors and a new investor, Woodford Investment Management.
Nexeon 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. These initiatives will further strengthen Nexeon’s 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”.
Russ Cummings, CEO of Imperial Innovations, commented
“We believe this new funding will allow the Company to establish even closer links with its target markets in Asia”
“…as well as to capture complementary intellectual property which will help it to consolidate its position at the forefront of the race to commercialise silicon as an alternative to carbon-based battery anode systems.”