Investors have poured $220m (£164m) into UK-based lithium battery maker Nexeon, as the electric vehicle boom boosts the value of the in-demand power source.
The funding will be used to accelerate the company’s manufacturing capabilities, as it seeks to mass produces “tens of thousands of metric tonnes” of its products, which are critical in rechargeable lithium-ion batteries, each year.
Nexeon’s backers include New York-listed tech firm Ingevity Corporation, alongside a raft of Asia-based investors.
Hong Kong’s GLY Mobility Fund and Korean private equity investors Daishin Private Equity, Shinhan Investments, SJL and SKC, one of Korea’s leading advanced materials companies, also piled into the oversubscribed fundraiser.
“These substantial multinational strategic investors and partners are a strong endorsement of our technology, capabilities and our vision,” chief executive Scott Brown said today.
“This oversubscribed funding round and other investments provide us with all the resources we need to execute on the manufacturing strategy for our game changing battery technology,” added Brown, who has helmed the company since 2009 and is set to oversee a major growth spurt in the company since.
Nexeon last year announced plans to bolster its workforce, from just 50 heads to 110 by the end of this year, as demand for lithium batteries soars.
“We have already doubled in size this year as we have started to scale up,” Brown continued.
“Lithium-ion is the dominant battery technology for portable device applications, particularly the electric vehicle market. We see wide-ranging market opportunities for our products given the continued improvement in battery technology, environmental pressures and new and widening market opportunities to address growing demand in all walks of life.”