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Nexeon secures £52.6m from UK National Wealth Fund

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Nexeon secures £52.6m from UK National Wealth Fund

British battery materials developer Nexeon has secured the backing of the UK's National Wealth Fund as part of a £100 million investment round aimed at expanding its domestic operations and developing a pilot manufacturing facility. Other new investors include the Korea Development Bank and Honda Xcelerator Ventures.

The latest round of funding totals £100 million, including £52.6 million from the National Wealth Fund and additional support from investors at Korea Development Bank and Honda Xcelerator Ventures. It will support Nexeon’s research and development activities in the UK, expand its advanced manufacturing technology unit and create skilled jobs. The Oxfordshire-based company develops silicon-based anode materials for lithium-ion batteries, which can increase energy density, improve charging speeds and potentially extend the range of EVs.

In a statement, Nexeon clarified: “The National Wealth Fund’s financing will support Nexeon’s development of a UK-based pilot manufacturing facility, directly supporting their research and development activities and allowing the expansion of its advanced manufacturing technology unit, creating a number of new highly skilled jobs.”

Oliver Holbourn, CEO of the National Wealth Fund, said:” Our investment in Nexeon is fully aligned with our mission to support clean energy innovation and economic growth. Backing advanced battery technology is key to building a globally competitive EV supply chain in the UK, as the thought-leadership paper we recently published identifies. This investment will help unlock private capital, support high-value jobs and drive regional growth, while helping to position the UK at the forefront of innovation in the battery sector.”

Dr Scott Brown, CEO of Nexeon, added: “This investment is a strong endorsement of Nexeon’s technology and our role in enabling the next generation of lithium-ion batteries.


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