Nexeon raises over $200m for battery manufacturing

Following the announcement of Nexeon's strategic partnership with and investment from SKC in January, the battery materials developer has completed the second close of its fundraise resulting in a total investment of $170m. A further $50m of commercial investments is being made in Nexeon’s technologies as a consequence of the investment round.

The capital raised will provide Nexeon with resources 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 strategic investor to join a 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 $90m. The first close of the investment round, which raised US$80m, was led by SKC along with private equity firm SJL.