Executive Summary

• Nexeon, a UK-based developer of technology enabling production of higher energy density lithium-ion batteries, has secured £52.6 million in funding from the UK’s National Wealth Fund
• The company’s technology can help to reduce charge times and extend the range of electric vehicles among other use cases
• The company’s total funding round is at £100 million, with contributions from the Korea Development Bank and Honda Xcelerator Ventures

Nexeon, a UK-based developer of battery technology which helps to reduce charge times and extend the range of electric vehicles, has secured £52.6 million in funding from the National Wealth Fund, as part of a wider £100 million funding round.

The funding will be used to expand Nexeon’s domestic operations, thereby creating jobs and boosting growth for the UK’s wider battery supply chain. Other new investors in the funding round included the Korea Development Bank and Honda Xcelerator Ventures, belying the company’s strategic positioning in South Korea and Japan, as well as the US.

The company’s technology revolves around silicon anode materials which enable production of higher energy density lithium-ion batteries. From the National Wealth Fund’s perspective, the investment in innovative battery technologies will help to decarbonise supply chains, boost place-based investment, and strengthen sovereign capabilities.

The investment will support Nexeon’s continued scale-up and commercial activities, and ‘marks another key milestone in the pathway to high-volume manufacturing and global customer adoption’, as the company put it.

“This investment is a strong endorsement of Nexeon’s technology and our role in enabling the next generation of lithium-ion batteries,” said Dr Scott Brown, CEO of Nexeon. “The National Wealth Fund’s support reflects the strategic importance of our work, not only in advancing battery performance but also in strengthening the UK’s position in the global battery supply chain.”

Nexeon recently brought the first global volume production facility online for silicon carbon materials dedicated to enhancing lithium-ion battery performance. The facility is in Gunsan, South Korea.