UK-based BatteryTech firm Nexeon secures €116.7 million with National Wealth Fund backing

Nexeon, an Oxfordshire-based developer of advanced silicon-based battery materials, has completed its latest investment round totalling €116.7 million (£100 million/$133 million), with the National Wealth Fund committing €61.4 million (£52.6 million/$70 million).

Other new investors include the Korea Development Bank and Honda Xcelerator Ventures. The company plans to use this capital to support the expansion of its domestic operations, strengthen the UK’s battery supply chain, create jobs and boost growth.

Dr. Scott Brown, CEO of Nexeon, said, “This investment is a strong endorsement of Nexeon’s technology and our role in enabling the next generation of lithium-ion batteries. The National Wealth Fund’s support reflects the strategic importance of our work, not only in advancing battery performance but also in strengthening the UK’s position in the global battery supply chain.”

Founded in 2006, Nexeon is a battery materials and manufacturing company with a unique silicon anode technology. The company states that its battery materials enable a “significantly higher” cell energy density, allowing for the design of smaller and more cost-effective batteries. This leads to enhanced performance for several applications, including electric vehicles, where range and charging times can be improved.

The company states that its technology is backed by over 290 patents and an extensive portfolio of industry-leading cell manufacturing and automotive partners. Its materials are compatible with all types of lithium-ion battery cells, including cylindrical, prismatic and pouch cells, and its global patent portfolio covers all major territories, including the US, Europe, China, South Korea and Japan.

The investment round supports the company’s continued scale-up and commercialisation efforts. The National Wealth Fund’s financing will support the company’s development of a UK-based pilot manufacturing facility, directly supporting its research and development activities and allowing the expansion of its manufacturing technology unit, creating a number of new highly skilled jobs.

Industry Minister Blair McDougall said, “This investment into Nexeon is the latest win for Britain’s world-class advanced manufacturing sector, which will support skilled local jobs and keep our battery industry at the cutting edge of research and innovation.

“Hot on the heels of a £130 million investment into net zero vehicle technologies, our Modern Industrial Strategy is doubling down on frontier industries like batteries to help businesses like Nexeon grow their business, create skilled jobs and drive good growth right across the UK.”

Nexeon recently launched the world’s first volume production facility for silicon-carbon materials in Gunsan, South Korea, dedicated to improving lithium-ion battery performance. The Gunsan facility has also recently achieved ISO 9001:2015 certification.

Chancellor of the Exchequer John Healey MP said, “Companies like Nexeon show the strength of British innovation. And if we are serious about growth, we must be serious about backing British businesses like this with conditions for them to start, scale and succeed here in the UK, as the National Wealth Fund are doing here. That’s how we’ll get good growth and jobs in every postcode.”