MILTON PARK (England), August 03, 2022–(BUSINESS WIRE)–Following the announcement of its strategic partnership with an investment from SKC on January 26, 2022, Nexeon – a leading developer and manufacturer of battery materials – has completed the second phase of its fundraising, resulting in a total investment of US$ 170 million. In addition, a further $50 million in commercial investments is being made in Nexeon’s technologies as a result of the investment round.
The capital raised will provide Nexeon with further resources to accelerate the expansion of its own manufacturing capabilities to mass-produce tens of thousands of metric tons annually of its silicon-based anode materials for use in rechargeable lithium-ion batteries.
Nexeon is already supplying several global Tier 1 battery manufacturers. It is also actively engaging with emerging regional players as the electric vehicle market develops new supply chains for its products.
Ingevity Corporation (NYSE: NGVT), which provides products and technologies that purify, protect and improve the world around us, is the latest strategic key investor to join a strong group of shareholders with extensive experience in the automotive and manufacturing.
Erik Ripple, Senior Vice President of Ingevity, has been appointed to Nexeon’s board.
The GLY Mobility Fund and Korean investors Daishin Private Equity and Shinhan Investments also participated in the second round of the round, which raised an additional US$90 million.
The first phase of the investment round, which raised $80 million, was led by SKC, one of Korea’s leading advanced materials companies, along with private equity firm SJL.
Scott BrownCEO of Nexeon, commented:
“These important multinational investors and strategic partners are a strong support for our technology, capabilities and vision – to produce class-leading battery materials, creating a more sustainable and efficient world.
This oversubscription funding round and other investments provide us with all the resources we need to execute the manufacturing strategy for our revolutionary battery technology. We have already doubled in size this year as we expand.
Lithium-ion is the dominant battery technology for portable device applications, particularly in the electric vehicle market. We see vast market opportunities for our products given continuous improvement in battery technology, environmental pressures and new and growing market opportunities to meet growing demand in all walks of life.”
John FortsonCEO of Ingevity Corporation, commented:
“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 a significant opportunity for market growth.”
Note to editors
Nexeon (nexeon.co.uk) is a leading international developer and manufacturer of innovative silicon-based anode materials for rechargeable lithium-ion batteries. These are critical to establishing a sustainable and carbon neutral environment.
Nexeon battery materials allow for fast charging and extremely high energy density, making the battery lighter, smaller and more economical. Higher energy density batteries significantly improve performance for a growing range of distinct commercial and consumer markets, including electric vehicles.
Nexeon’s headquarters are in Oxfordshire (England), with operations in Japan. It has a well-established multidisciplinary technical team with a wide range of expertise.
The Ingevity (www.ingevity.com) provides products and technologies that purify, protect and improve the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable.
We operate in two segments: Performance Chemicals, which includes specialty chemicals and engineering polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a number of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publishing inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions.
Based in North Charleston, South Carolina (USA), Ingevity operates in 25 locations around the world and employs approximately 1,850 people. The company’s shares are traded on the New York Stock Exchange (NYSE: NGVT).
HSBC Bank plc (“HSBC”), which is authorized by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting as financial adviser to Nexeon Ltd and no one else in connection with the matters described in this announcement and will not be liable to anyone other than Nexeon Ltd for providing the protections afforded to HSBC customers or for providing advice in connection with the matters referred to herein. Neither HSBC nor any of its group companies or affiliates owes or accepts any obligation or liability (whether direct or indirect, whether in contract, tort, under statute or otherwise) to any person who is not a customer of HSBC in relationship with this announcement or any matter referred to herein.
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View the original version at businesswire.com: https://www.businesswire.com/news/home/20220803005475/en/
Scott Brown, CEO
David Lamb, CFO
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