Imperial Innovations leads a £10 million investment round for Nexeon. Imperial Innovations itself invested £4.0 million, one of its largest investments since its IPO, lifting its shareholding to 38.5%.
The investment in Nexeon follows Imperial Innovations’ initial investment of £1.95 million in July 2007. Nexeon started life within the Imperial Innovations incubator.
Progress at Nexeon over the past two years has been substantial. Nexeon has made significant technical progress in proving the viability of its silicon anode technology in terms of capacity and cycle life. It has expanded its intellectual property portfolio which now includes 12 patent families, with more in preparation.
Nexeon now boasts a fully operational pilot plant, producing sufficient material to make high volumes of cells per day and with a good understanding of the cost model. This latest investment enables Nexeon to construct a development and pilot-scale manufacturing facility.
Since Innovations’ previous investment, Nexeon has appointed a further two Directors. Dr Bill Macklin has joined as Chief Technical Officer. Dr Macklin is an expert in the field of lithium-ion batteries and has published and patented extensively in the lithium-ion battery field.
Ian McDonald is now Engineering Director. Mr McDonald has extensive experience of managing the design and build of lithium-ion battery manufacturing facilities.
Invesco Perpetual and PUK Ventures have invested £5.0m and £1.0m respectively alongside Imperial Innovations in this funding round. PUK Ventures previously invested alongside Imperial Innovations in the “A” round in 2007.