Nexeon raises $60m from Ingevity to expand battery material manufacturing capacity.
The Oxfordshire-based battery materials company has secured equity funding from Ingevity Corporation.
≈ £49.4M at $1 = £0.8239 on 3 Aug 2022
Oxfordshire-based Nexeon manufactures silicon-based anode materials designed to improve the performance and energy density of lithium-ion batteries.
Nexeon has secured $60m in an equity financing round from Ingevity Corporation. The capital will be directed towards accelerating the firm's manufacturing capacity to mass produce silicon-based anode materials for rechargeable lithium-ion batteries.
As part of the transaction, the two companies have agreed to collaborate on future product development utilising activated carbon, alongside establishing a long-term supply agreement. Erik Ripple of Ingevity will join the board of Nexeon following the investment.
From the founder
"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."
Scott Brown
CEO at Nexeon
Investor perspective
"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."
John Fortson
President and CEO, Ingevity Corporation
Use of funds
- 01Build out infrastructure