A UK company developing silicon anodes for the next generation of lithium-ion batteries has received Series C investment of £40m.
The Series C investment in Nexeon was led by existing investor Imperial Innovations Group and included Invesco Perpetual.
According to a statement, the Abingdon-based company plans to use the new funding to establish a manufacturing facility, scaling up the production of its silicon anode materials to commercial levels of around 250 tonnes per annum.
The use of silicon anodes in Li-ion batteries reportedly produces a significantly higher performance and overcomes the limitations of present-day technology.
They are expected to find applications in consumer devices, including cell phones and laptops, electric vehicles and in the storage of renewable energy.
The latest funding brings the total raised by Nexeon to £55m and will allow the company further to accelerate application development and to increase support to its customers.