Nexeon announced that it has received an investment of €40 million for its rechargeable lithium-ion battery technology. The Series C investment was led by existing investor Imperial Innovations Group and included Invesco Perpetual; both organizations are existing investors.
Nexeon plans to use the new funding to establish a world class manufacturing facility, scaling up the production of its latest silicon anode materials to around 250 tons per annum, representing a commercial supply level. According to the company, use of silicon anodes in Li-ion batteries produces a significantly higher performance and overcomes the limitations of present-day technology. Batteries with higher energy density can offer longer time between charges, higher power output, smaller size or a combination of these benefits. The company says that the batteries are eagerly awaited for application in cell phones, laptops and many other consumer devices, as well as having important application in electric vehicles and in storage of renewable energy.