Nexeon Limited, an Abingdon, UK-based developer of novel battery materials technology, completed a £30.0m venture capital funding round.
Backers included existing investors Imperial Innovations Group plc (AIM: IVO) which committed £5.0m (£22.4m in total, with a net carrying value of £34.1m and a 33.7% stake in the issued share capital of the company), Invesco Asset Management, and new investor Woodford Investment Management LLP.
The company will use the funds to build a development lab in Asia; to acquire IP and complementary technology to broaden its offering to customers; and to begin work on the design of a larger manufacturing facility.
Led by Dr Scott Brown, Chief Executive Officer, Tsuyonobu Hatazawa, Chief Technical Officer, and Dr Bill Macklin, Chief Engineer, Nexeon is developing battery materials for next generation rechargeable (Li-ion) batteries, which offers the potential for lighter batteries with more energy and a longer lifetime between charges for smartphones and other mobile consumer devices.
FinSMEs
18/05/2016