Oxfordshire, UK-based Nexeon, a company that develops silicon anodes for lithium-ion batteries, announced on Tuesday that it has raised $60M (approximately €59M) in an equity round from US-based Ingevity Corporation.
Ingevity offers specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect and enhance the environment. With this strategic move, Ingevity says it will establish its presence in the electric vehicle (EV) market and expand its activated carbon business.
Nexeon designs silicon-based anode materials that improve the performance of lithium-ion batteries for EVs and consumer electronics.
As part of the deal, Ingevity and Nexeon agreed to collaborate to develop future products that would utilise Ingevity’s activated carbon and establish a long-term supply arrangement between the parties.
Ingevity will be represented on Nexeon’s Board by its chief growth and innovation officer, Erik Ripple.
Nexeon says it will use the proceeds to further develop its proprietary next-gen silicon anode material, NSP-2, and support the construction of manufacturing facilities for the commercialisation of its products.
Nexeon claims that NSP-2 improves lithium-ion battery performance while also making batteries lighter. The company says its drop-in technology will boost vehicle range and speed up lithium-ion EV charging thanks to its ‘astounding four times higher energy density per gram’ compared to traditional graphite anodes.
Dr Scott Brown, CEO of Nexeon, says, “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 realising their full commercialisation goals. 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.”
Developing and producing materials for better batteries
Founded in 2006, Nexeon is a battery material and licensing company that works with product OEMs and battery companies to enable the next generation of lithium-ion batteries. The company’s silicon materials incorporated in battery anodes enable a much higher energy density and battery capacity.
The company claims to be engaged with a host of blue-chip clients in the automotive and consumer electronics sectors who see significant benefit in Nexeon materials to their end markets. Though Nexeon is headquartered in Oxfordshire, UK, its application engineering labs are in Japan.
Ingevity claims to offer products and technologies that purify, protect and enhance the environment.
The company operates in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon.
These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapour emissions.
Ingevity’s President and CEO, John Fortson, says, “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. 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.”