Nexeon, a developer of silicon anodes based in Oxfordshire, has secured £100 million in a new investment round. The funding includes a £52.6 million commitment from the UK National Wealth Fund. New investors joining the round include the Korea Development Bank and Honda Xcelerator Ventures.
The company previously raised $170 million in 2022, a round that included participation from Ingevity. The fresh capital will support the construction of a pilot manufacturing facility in the UK, further research and development, and the expansion of the company's advanced manufacturing technology unit.
Nexeon currently operates a volume production plant for silicon-carbon materials in Gunsan, South Korea. The site was selected for its access to monosilane gas and proximity to Asian battery cell manufacturers. The facility design allows for the installation of additional reactors to increase output capacity.
Silicon anodes are designed to replace graphite in lithium-ion batteries to improve energy density, reduce charging times, and extend the driving range of electric vehicles. Nexeon CEO Scott Brown stated that the investment highlights the company's role in the global battery supply chain.
