Nexeon raises $60 million to produce next generation lithion-ion batteries

Oxfordshire-based startup that develops silicon anodes for lithium-ion batteries, Nexeon has raised $60 million from US-based Ingevity Corporation. Nexeon will use the funding to further develop its proprietary next-gen silicon anode material, NSP-2, and facilitate the construction of manufacturing facilities for the commercialisation of its products.

Founded in 2006, Nexeon designs silicon-based anode materials that improve the performance of lithium-ion batteries for EVs and consumer electronics. Its silicon materials incorporated in battery anodes enable a much higher energy density and battery capacity.

Going forward, Ingevity and Nexeon will collaborate to develop future products that would utilise Ingevity’s activated carbon and establish a long-term supply arrangement between the parties. 

Dr Scott Brown, CEO of Nexeon said: “Ingevity’s commitment to innovation and expertise in activated carbon technology makes the company a perfect partner as we produce our next generation product in volume and support our customers in realising their full commercialisation goals. Ingevity’s fundamental sustainability profile also aligns with our focus on supporting the transition to carbon-neutral technology, protecting our environment and improving the quality of life.”

Ingevity president and CEO John Fortson added: “The new round shows Ingevity’s long-term vision for growth and commitment to exploring value-added applications for our activated carbon in expanding markets like EVs. Nexeon has established itself as an innovation leader within what will likely be a rapidly growing space for years to come, and we are excited to partner with them to advance their game-changing patented technologies.”