UK-based Nexeon, a spin-off from Imperial College London that is commercializing silicon anode technology for Li-ion batteries (earlier post),has closed a £40-million (US$66-million)Series C investment. The round was led by existing investor Imperial Innovations Group and included Invesco Perpetual; both organizations are existing investors.
Nexeon plans to use the new funding to establish a world-class manufacturing facility, scaling up the production of its latest silicon anode materials to around 250 tonnes per annum, representing a commercial supply level.
The latest funding brings the total raised by Nexeon to £55 million (US$90 million), and will allow the company further to accelerate application development and to increase support to its customers.
Nexeon says that it is making “strong progress” in commercial negotiations and customer-led projects. Customer traction is now being gained with major global companies in the fields of consumer electronics and automotive in particular.
The company recently announced that it had it produced sample cells with significantly higher capacity for their size than the best current commercial equivalents.
Last month, Nexeon was presented with the Green Technology award at Venturefest in recognition of the company’s innovative technology and demonstrable commercial potential.