Nexeon raises funding to scale production of step change battery materials
Nexeon has announced an $80m investment from a consortium including SKC, SJL, BNW, and Kiwoom.
Through this transaction, Nexeon enters into a strategic partnership with SKC, a major global battery and semiconductor materials company, for volume manufacturing of its silicon anode materials.
The fundraising and formation of a manufacturing partnership are part of Nexeon’s manufacturing strategy to accelerate the supply of its groundbreaking silicon anode materials at volume in order to meet the rapidly increasing demands from its blue-chip customers in automotive and consumer electronics industries across Europe, North America, and Asia.
The investment confirms Nexeon’s position in the market and allows the company to deliver on its manufacturing and commercialisation strategy.
Silicon is seen as the next enabler for Li-ion batteries, and customers of Nexeon confirm that the company’s materials deliver battery performance in terms of fast charge, energy density and $/kWh cost.
SKC, a $5.0bn market cap company, is one of Korea's advanced materials companies, with a strategic focus on rechargeable battery, semiconductor and eco-friendly materials, and a global presence in Europe, North America, and Asia. SJL is a private equity firm that seeks cross-border investments in partnership with Asia-based strategic investors.
“We are very excited that our new partners have recognised the value of our silicon anode materials, and this move will accelerate production ramp up and facilitate access to markets across the globe”, said Dr Scott Brown, CEO of Nexeon. “This significant investment clearly validates the tremendous technical and commercial progress we have made, and we look forward to working with our new partners to deliver our materials in volume to consumer electronics and EV customers alike.”
“We are extremely pleased to have been able to close this deal with Nexeon”, said Dr Junghwan Shin, Vice President New Business Development. “SKC is committed to implementing our ESG (Environmental, Social and Governance) policy, and we see silicon anode materials, and this strategic relationship with Nexeon, as a key step in delivering on our commitment.”
“Batteries are the key technology of our time and present a once-in-a-lifetime opportunity to transform transportation and positively impact the environment. Nexeon’s silicon materials are a key enabler in the delivery of better batteries and we are extremely excited about this investment” said Steve Lim, Chairman and Managing Partner of SJL.