UK battery technology company Nexeon raises €116.7 million with National Wealth Fund support
Nexeon is an Oxfordshire-based developer of advanced silicon-based battery materials, has raised €116.7 million (£100 million/$133 million) in its latest investment round. The funding includes a €61.4 million (£52.6 million/$70 million) commitment from the National Wealth Fund.
The round also attracted new investors, including Korea Development Bank and Honda Xcelerator Ventures. Nexeon will use the funding to expand its UK operations, strengthen the domestic battery supply chain, create jobs, and support further business growth.
Dr. Scott Brown, CEO of Nexeon, said, “This investment is a strong endorsement of Nexeon’s technology and our role in enabling the next generation of lithium-ion batteries. The National Wealth Fund’s support reflects the strategic importance of our work, not only in advancing battery performance but also in strengthening the UK’s position in the global battery supply chain.”
Founded in 2006, Nexeon is a battery materials and manufacturing company that has developed proprietary silicon anode technology. The company says its materials can deliver significantly higher energy density, enabling smaller and more cost-effective batteries. The technology can also improve performance in applications such as electric vehicles by increasing driving range and reducing charging times.
Nexeon says its technology is supported by more than 290 patents and a strong network of cell manufacturing and automotive partners. Its materials are compatible with all major lithium-ion battery formats, including cylindrical, prismatic, and pouch cells. Its global patent portfolio covers key markets such as the US, Europe, China, South Korea, and Japan.
The latest investment will support Nexeon’s ongoing scale-up and commercialisation plans. Funding from the National Wealth Fund will help develop a UK-based pilot manufacturing facility, strengthen the company’s research and development capabilities, and expand its manufacturing technology unit while creating new highly skilled jobs.
Industry Minister Blair McDougall said, “This investment into Nexeon is the latest win for Britain’s world-class advanced manufacturing sector, which will support skilled local jobs and keep our battery industry at the cutting edge of research and innovation.
“Hot on the heels of a £130 million investment into net zero vehicle technologies, our Modern Industrial Strategy is doubling down on frontier industries like batteries to help businesses like Nexeon grow their business, create skilled jobs and drive good growth right across the UK.”
Nexeon recently launched the world’s first volume production facility for silicon-carbon materials in Gunsan, South Korea, focused on enhancing the performance of lithium-ion batteries. The facility has also recently received ISO 9001:2015 certification.
Chancellor of the Exchequer John Healey MP said, “Companies like Nexeon show the strength of British innovation. And if we are serious about growth, we must be serious about backing British businesses like this with conditions for them to start, scale and succeed here in the UK, as the National Wealth Fund are doing here. That’s how we’ll get good growth and jobs in every postcode.”