In addition, a further $50m of commercial investments is being made in Nexeon’s technologies as a consequence of the investment round.
The money raised will provide Nexeon with further resources to accelerate the expansion of its own manufacturing capabilities to mass produce tens of thousands of metric tonnes annually of its silicon-based anode materials for use in rechargeable Lithium-ion batteries.
Nexeon is already supplying a number of Tier 1 global battery manufacturers and OEMs and is also actively engaged with emerging regional players as the electric vehicle market develops new supply chains for their products.
Ingevity is the latest cornerstone strategic investor to join the existing shareholder group and provides extensive manufacturing and automotive market experience. Eric Ripple, a Senior Vice President at Ingevity, has been appointed to the Nexeon board.
GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments also participated in the second close of the round which raised a further $90m.
The first close of the investment round, which raised $80 million was led by SKC, one of Korea’s leading advanced materials companies, along with private equity firm SJL.
Commenting on the funding round Scott Brown, Nexeon Chief Executive, said, “These substantial multinational strategic investors and partners are a strong endorsement of our technology, capabilities and our vision – to produce class leading battery materials, making for a more sustainable and efficient world.
“This oversubscribed funding round and other investments provide us with all the resources we need to execute on the manufacturing strategy for our game changing battery technology. We have already doubled in size this year as we have started to scale up.
“Lithium-ion is the dominant battery technology for portable device applications, particularly the electric vehicle market. We see wide-ranging market opportunities for our products given the continued improvement in battery technology, environmental pressures and new and widening market opportunities to address growing demand in all walks of life.”
