Imperial leads £40m investment in Nexeon

The lead investor has provided £15m and existing investor Invesco Perpetual has also participated in the round. Nexeon has raised a total of £55m over four funding rounds since it was established in 2005. Imperial has previously participated in three funding rounds, a £500,000 seed round in 2006, a £4.25m series-A round in 2007 as well as a £10m series-B round in February 2009. The lead investor will hold a 40% stake in the company following this latest investment.

Funding will allow the company to scale-up the production of Nexeon's silicon anode materials to commercial levels. It will also enable the company to focus on application development and support for customers. Nexeon's new manufacturing facility is expected to be complete in 2013.

Imperial does not expect the company to need any additional investments.

Company
Nexeon is based in Abingdon and is a battery materials and licensing company that is developing silicon anodes for the next generation of lithium-ion batteries. The technology developed by Nexeon provides lighter batteries with more power and longer lifetime between charges.

The company, which was founded in 2005, has a fully automated and instrumented pilot plant as it looks to enter full-scale manufacturing and commercialisation in the coming years. Nexeon is currently said to be in pre-production stage, generating some turnover from the sale of materials to customers.

People
Russ Cummings worked on the deal for Imperial and is a member of the company's board of directors.

Advisers
Equity – Osborne Clarke, Roy Coyle (Legal).
Company – Manches, Rob Hayes (Legal).

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