The funding consists of $170 million from the second close of its fundraise and a further $50 million of commercial investments funnelled into the Nexeon as a consequence of the investment round.
Nexeon will use the raised capital to accelerate the expansion of its own manufacturing capabilities. It is aiming to mass produce tens of thousands of metric tonnes annually of its silicon-based anode materials for use in rechargeable Lithium-ion batteries.
On top of already supplying a number of Tier 1 global battery manufacturers and OEMs, the firm is also working with regional players in the growing electric vehicles market.
Scott Brown, Nexeon’s Chief Executive, said: “These substantial multinational strategic investors and partners are a strong endorsement of our technology, capabilities and our vision – to produce class leading battery materials, making for a more sustainable and efficient world.
“This oversubscribed funding round and other investments provide us with all the resources we need to execute on the manufacturing strategy for our game changing battery technology. We have already doubled in size this year as we have started to scale up.
“Lithium-ion is the dominant battery technology for portable device applications, particularly the electric vehicle market. We see wide-ranging market opportunities for our products given the continued improvement in battery technology, environmental pressures and new and widening market opportunities to address growing demand in all walks of life.”
Among the new investors is Ingevity Corporation, which provides products and technologies that purify, protect, and enhance the world around us. They were joined by Hong Kong’s GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments.
The investment follows the January announcement of the company’s strategic partnership with and investment from Korean advanced materials company SKC, which led the initial $80 million funding round along with private equity firm SJL.
John Fortson, Ingevity Corporation’s Chief Executive, said: “We are very excited to partner with Nexeon to advance technologies that will increase the efficiency and durability of lithium-ion batteries used in electric vehicles and other consumer electronics, and ultimately contribute to efforts to protect our environment.
“This partnership expands applications for Ingevity’s activated carbon and creates significant opportunity for market growth.”