Nexeon raises more than $200 million to fund battery materials production

MILTON PARK, England–(BUSINESS WIRE)–After announcing its strategic partnership and investment from SKC on January 26, 2022, Nexeon, a leading battery materials developer and manufacturer, has completed the second close of its fundraising, leading to a total investment of US$170 million. In addition, as a result of the investment round, an additional US$50 million in commercial investments will be made in Nexeon’s technologies.

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 lithium-ion rechargeable batteries.

Nexeon already supplies a number of Tier 1 global battery manufacturers and OEMs. It is also actively engaged with emerging regional players as the electric vehicle market develops new supply chains for their products.

Ingevity Corporation (NYSE: NGVT), which provides products and technologies that purify, protect and improve the world around us, is the latest strategic cornerstone investor to join a strong shareholder group with extensive experience in the manufacturing and automotive markets.

Erik Ripple, Senior Vice President at Ingevity, has been appointed to the board of Nexeon – see separate announcement.

GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments also participated in the second close of the round, raising an additional US$90 million.

The initial close of the $80 million investment round was led by SKC, one of Korea’s leading advanced materials companies, along with private equity firm SJL.

Scott BrownNexeon Chief Executive, noted,

“These substantial multinational strategic investors and partners are a strong endorsement of our technology, capabilities and our vision – to produce leading edge battery materials, enabling a more sustainable and efficient world.

“This oversubscribed funding round and other investments provide us with all the resources we need to execute the manufacturing strategy for our breakthrough battery technology. We’ve already doubled in size this year as we’ve started scaling up.

“Lithium-ion is the dominant battery technology for portable device applications, especially the electric vehicle market. We see broad market opportunities for our products as battery technology continues to improve, environmental pressures and new and expanding market opportunities to meet growing demand across all walks of life.”

John FortsonIngevity Corporation Chief Executive, noted:

“We are thrilled to partner with Nexeon to develop technologies that will increase the efficiency and durability of lithium-ion batteries used in electric vehicles and other consumer electronics, and ultimately contribute to efforts to protect our environment.

“This partnership expands applications for Ingevity’s activated carbon and creates significant opportunities for market growth.”

Note for editors

Nexeon (nexeon.co.uk) is a leading international developer and manufacturer of pioneering silicon-based anode materials for lithium-ion rechargeable batteries. These are fundamental to achieving a climate neutral and sustainable environment.

Nexeon’s battery materials enable fast charging and extremely high energy density, making the battery lighter, smaller and more cost-effective. Higher energy density batteries significantly improve performance for an increasing number of diverse consumer and commercial markets, including electric vehicles.

Nexeon is based in Oxfordshire with operations in Japan. It has a renowned multidisciplinary technical team with a wide range of expertise.

Ingevity (www.ingevity.com.) provides products and technologies that purify, protect and improve the world around us. With a team of talented and experienced people, we develop, manufacture and market solutions that help customers solve complex problems and make the world more sustainable.

We operate in two reporting segments: Performance Chemicals, including specialty chemicals and synthetic polymers; and Performance Materials, including high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt pavement, oil exploration and production, agrochemicals, adhesives, lubricants, publishing inks, coatings, elastomers, bioplastics and automotive parts that reduce gasoline vapor emissions.

Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE: NGVT).

HSBC Bank plc (“HSBC”), authorized by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting as financial adviser to Nexeon Ltd and no one else in connection with the matters described in this Announcement and is not responsible to anyone other than Nexeon Ltd for providing the protections afforded to customers of HSBC, or for providing advice in connection with the matters referred to herein. Neither HSBC nor any of its group companies or affiliates shall owe any duty, liability or responsibility of any kind (whether direct or indirect, in contract, in tort, under statute or otherwise) to any person who is not a customer. of HSBC in connection with this Announcement or any matter referred to herein.

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