Battery materials manufacturer Nexeon has completed the second close of an investment round, bringing the round’s total investment to $170 million.
“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,” says the company. Nexeon raised $80 million in the first close and $90 million in the second close of the round, which included an investment from Ingevity Corporation.
Eric Ripple, a Senior Vice President at Ingevity, has been appointed to the Nexeon board.
Nexeon, which supplies Tier 1 battery manufacturers and automakers, says that “a further $50 million of commercial investments is being made in Nexeon’s technologies as a consequence of the investment round.”