Nexeon, an Oxfordshire, UK-based company that produces silicon anodes for lithium-ion batteries, revealed that it has raised $60M in an equity round from Ingevity Corporation in the United States.
The funds raised will allow Nexeon to expedite the expansion of its own manufacturing capabilities, allowing it to mass produce tens of thousands of metric tonnes of silicon-based anode materials for use in rechargeable Lithium-ion batteries each year.
Nexeon creates silicon-based anode materials to increase the performance of lithium-ion batteries used in electric vehicles and consumer gadgets.
As part of the agreement, Ingevity and Nexeon committed to work together to create future products that would use Ingevity’s activated carbon and to establish a long-term supply agreement.
Erik Ripple, Ingevity’s chief growth and innovation officer, will serve on Nexeon’s Board of Directors.
Lithium-ion EV charging
NSP-2, according to Nexeon, improves lithium-ion battery performance while making cells lighter. Because of its ‘astonishing four times higher energy density per gram’ compared to typical graphite anodes, the company claims its drop-in technology will increase vehicle range and speed up lithium-ion EV charging.
Ingevity provides eco-friendly speciality chemicals, high-performance carbon materials, and tailored polymers. Ingevity claims that this strategic move would help it develop a position in the electric vehicle (EV) market and expand its activated carbon business.
“Ingevity’s commitment to innovation and expertise in activated carbon technology makes the company a perfect partner as we produce our next generation product in volume and support our customers in realizing their full commercialization goals,” said Nexeon CEO, Dr. Scott Brown. “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.”
“Today’s announcement marks an important milestone in our company’s history, and underscores Ingevity’s long-term vision for growth and commitment to exploring value-added applications for our activated carbon in expanding markets like EVs,” said Ingevity president & CEO, John Fortson. “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.”
Nexeon, which was founded in 2006 by Paul Atherton, is a battery material and licensing company that collaborates with product OEMs and battery manufacturers to enable the next generation of lithium-ion batteries. The incorporation of the company’s silicon materials in battery anodes enables substantially improved energy density and battery capacity.
The company claims to be working with a slew of blue-chip clients in the automotive and consumer electronics industries that see significant value in Nexeon materials in their end markets.
According to Ingevity, its products and technology purify, protect, and enrich the environment.
Performance Chemicals, which comprises specialised chemicals and engineered polymers, and Performance Materials, which includes high-performance activated carbon, are the company’s two reporting segments.