Battery materials company Nexeon has received a £40 million funding boost following a Series C investment led by existing investor Imperial Innovations.

Battery materials company Nexeon has received a £40 million funding boost following a Series C investment led by existing investor Imperial Innovations.
 


Oxfordshire-based Nexeon develops silicon anodes for the next generation of lithium-ion battery and will use the funding to open a new manufacturing facility, enabling it to scale up production of its silicon anode materials to commercial levels of around 250 tonnes per annum.
 


Imperial Innovations invested £15 million and now holds a 40 per cent stake in Nexeon, while existing shareholder Invesco Perpetual also participated in the latest round.
 

Nexeon has secured four rounds of funding since 2005, raising £55 million.
 


Chairman Dr Paul Atherton, who founded the business in 2005 with Professor Mino Green of Imperial College, says, ‘It’s a superb example of UK high value manufacturing involving sophisticated advanced materials, and this funding will enable Nexeon to establish the first in a series of manufacturing plants that will be needed to serve demand worldwide.’
 

Imperial Innovations CEO Susan Searle adds, ‘This investment is a substantial endorsement of Nexeon’s technology and management team.
 

‘It is in line with our strategy stated at our recent equity raise to accelerate the development of our advanced portfolio companies, as well as to stay invested in some of them for longer.’
 

Lithium-ion batteries have a high-energy density which means they operate for longer between charges, have a higher power output and are smaller in size.
 


Applications for the batteries include mobile phones, laptops and electric vehicles.
 


Nexeon expects the new facility to be operational in 2013.