Nexeon lands £100M round for UK silicon battery push, led by National Wealth Fund
What's the deal? UK battery materials developer Nexeon has raised £100 million ($133 million) in a late-stage round led by the National Wealth FundDealroom has a profile for this one. Try Dealroom →, which committed £52.6 million ($70 million). The Korea Development BankDealroom has a profile for this one. Try Dealroom → and Honda Xcelerator VenturesDealroom has a profile for this one. Try Dealroom → joined as new investors.
What's the endgame? Nexeon makes silicon anode materials that boost the energy density of lithium-ion batteries, cutting charging times and extending electric-vehicle range. The company says the funding will drive its scale-up toward high-volume manufacturing and global customer adoption.
Where's the money going? The National Wealth Fund's financing supports a UK-based pilot manufacturing facility, expands Nexeon's advanced manufacturing technology unit, and creates highly skilled jobs.
By the numbers: The raise ranks in the 96th percentile among UK transportation late-stage VC rounds over the past four years, based on a sample of 142 deals.
The global angle: The investor mix stretches beyond Britain. Honda Xcelerator Ventures backs mobility and electrification technologies, while the Korea Development Bank supports the global expansion of Korean-linked manufacturing ecosystems — a signal of Nexeon's role in international battery supply chains.
Why now? "Backing advanced battery technology is key to building a globally competitive EV supply chain in the UK," said Oliver Holbourn, chief executive officer of the National Wealth Fund. The deal aligns with the Fund's aims to decarbonise supply chains, strengthen sovereign capabilities, and boost regional investment.
Chancellor of the Exchequer John Healey said Nexeon shows "the strength of British innovation," adding that serious growth means "backing British businesses like this with conditions for them to start, scale and succeed here in the UK."
What they're saying: "This investment is a strong endorsement of Nexeon's technology and our role in enabling the next generation of lithium-ion batteries," said Dr Scott Brown, chief executive officer of Nexeon.
The signal: With state-backed capital anchoring the round and policy banks from two countries alongside a major automaker, Nexeon's raise reflects a broader push to onshore battery manufacturing and secure the materials that underpin the EV transition.
Read more: nationalwealthfund.org.uk
Image credit: Generated with Gemini
