Nexeon, a UK-based advanced battery developer backed by chemicals and materials producer Wacker Chemie, has closed £30m ($43m) of funding from investment fund Woodford Investment Management and undisclosed existing investors.
Founded in 2005, Nexeon is developing silicon anode batteries to be used in consumer electronics, electric vehicles, drones and medical devices.
The company will use the cash to establish a development lab in Asia, start work on a new production facility and acquire complementary intellectual property.
Scott Brown, Nexeon’s chief executive, said: “It is now widely accepted that silicon materials are the key to improved energy densities in lithium-ion batteries, and that the winning technology will be both high performance and low cost.
“This investment will allow us to progress our technology, our low-cost manufacturing capability and our commercial partnerships.”
Wacker provided an undisclosed amount of funding for Nexeon in 2013 as part of a strategic partnership deal. Imperial Innovations had invested £15m two years before as part of a £40m round that also included Invesco Perpetual.
Nexeon had previously raised £16m, its earlier funding being provided by Imperial Innovations, Invesco Perpetual and Puk Ventures.