Further to the announcement of its strategic partnership with and investment from SKC on 26 January 2022, Nexeon, a leading battery materials developer and manufacturer has completed the second close of its fundraise resulting in a total investment of US$170 million. Additionally, a further US$50 million of commercial investments is being made in Nexeon’s technologies as a consequence of the investment round.

The capital 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. It is also actively engaged with emerging regional players as the electric vehicle market develops new supply chains for their products.

Ingevity Corporation, is the latest cornerstone strategic investor to join a strong shareholder group with 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 US$90 million.

The first close of the investment round, which raised US$80 million, was led by SKC, one of Korea’s leading advanced materials companies, along with private equity firm SJL.