Battery supplies producer Nexeon has accomplished the second shut of an funding spherical, bringing the spherical’s whole funding to $170 million.
“The capital raised will present Nexeon with additional sources to speed up the growth of its personal manufacturing capabilities to mass produce tens of 1000’s of metric tons yearly of its silicon-based anode supplies to be used in rechargeable lithium-ion batteries,” says the corporate. Nexeon raised $80 million within the first shut and $90 million within the second shut of the spherical, which included an funding from Ingevity Company.
Eric Ripple, a Senior Vice President at Ingevity, has been appointed to the Nexeon board.
Nexeon, which provides Tier 1 battery producers and automakers, says that “an extra $50 million of economic investments is being made in Nexeon’s applied sciences as a consequence of the funding spherical.”