SKC consortium invests $80 million in UK anode startup Nexeon

SKC

26/01/2022 07:30

By Nick Carey
    LONDON, Jan 26 (Reuters) - A consortium including South
Korean chemical company SK Co Ltd  011790.KS  has invested $80
million in British battery materials startup Nexeon to ramp up
production of its silicon anodes to meet global demand, the
firms said on Wednesday.
    The consortium, which includes private equity firms SJL
Partners and BNW Investment, invested $33 million in Nexeon last
November. 
    Nexeon, which is based in Abingdon, England, is known for 
producing silicon anodes, a crucial component in electric
vehicle (EV) batteries, which boost vehicle range and charging
speed and lower charging costs. 
    As carmakers race to bring more electric vehicles to market,
they are seeking ways to increase the range of their vehicles to
give them a competitive edge, including by exploring new
chemistries.   
    The startup said the funding and a new strategic partnership
with SK would help it increase production and meet "rapidly
increasing demands from its blue-chip customers in automotive
and consumer electronics industries across Europe, North
America, and Asia."
    

 (Reporting by Nick Carey in London
Editing by Matthew Lewis)
 ((nick.carey@thomsonreuters.com; +44 7385 414 954;))