Nexeon Raises $200 Million To Fund Battery Materials Manufacturing
- The capital raised will help mass produce 10s of thousands of metric tonnes each year of the silicon-based anode products for use in rechargeable Lithium-ion batteries.
- The firm declares to have actually currently increased in size this year as it has actually begun to scale up.
Nexeon has actually announced that it has completed the second close of its fundraise causing a total investment of $170 million advancing to the announcement of its critical partnership with and also financial investment from Korea based SKC last January. $50 million is additionally being commercially invested in Nexeon's technologies as a result of the investment round.
Nexeon is the UK based battery materials and producing company with a unique silicon anode technology.
The main declaration launch informed that the capital raised will provide Nexeon with additional resources to increase the expansion of its own manufacturing capabilities to mass produce 10s of thousands of metric tonnes yearly of its silicon-based anode products for use in rechargeable Lithium-ion batteries.
Nexeon claims to be providing different Tier 1 worldwide battery producers and also OEMs while engaging with emerging regional gamers as the EV market establishes new supply chains for items.
Nexeion shared that chemical making company Ingevity Corporation is the most up to date cornerstone calculated investor to join a strong investor team with considerable manufacturing and also automotive market experience. Senior VP at Ingevity, Erik Ripple, has been chosen to the Nexeon board. GLY Mobility Fund as well as Korean exclusive equity investors Daishin Private Equity and Shinhan Investments lent participation in the second close of the round which raised an additional $90 million.
The first close of the financial investment round raised $80 million. It was led by Korea-based firm, SKC and private equity firm SJL.
Scott Brown, Nexeon CEO, claimed, "This oversubscribed funding round and various other investments supply us with all the sources we require to implement on the production strategy for our video game transforming battery innovation. We have currently doubled in size this year as we have started to scale up."
John Fortson, Ingevity Corporation Ceo, commented, "We are very excited to partner with Nexeon to advancement technologies that will boost the efficiency and also durability of lithium-ion batteries utilized in electric vehicles and other customer electronics, and also ultimately contribute to initiatives to protect our setting."
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