Funding will boost plans for high volume manufacture
Nexeon Limited - a leading international battery materials developer and manufacturer - has received a boost to its plans for high volume manufacture with the awarding of almost £2m from the Automotive Transformation Fund (ATF). The funds will be used towards a project to install a larger scale manufacturing facility in the UK, meeting the rapidly increasing demand for silicon anode material needed for battery evaluation and cell qualification programmes in the UK automotive industry.
The ATF fund is managed by the Advanced Propulsion Centre (APC), and Nexeon will receive the support from the Scale-up Readiness Validation (SuRV) fund, further establishing Nexeon's role as a key player in the EV supply value chain. The company operates on a global scale and has established strong relationships with key automotive OEMs.
APC CEO Ian Constance will be making the official announcement of the funding in his keynote address at 10:00 today at the Cenex Low Carbon Vehicle event at UTAC Millbrook in Bedfordshire. Nexeon is one of several companies selected to receive grants under the ATF.
"We are naturally delighted to receive this award", said Dr Scott Brown, CEO of Nexeon. "This ATF grant comes at a time of rapid expansion for Nexeon; we have already doubled in size this year, and this will support our firm commitment to achieve large scale manufacturing capability."
"I am pleased that this project has been successfully funded, sharing part of £15 million from our Scale-Up Readiness Validation competition", said Ian Constance, CEO, Advanced Propulsion Centre. "With this support, the APC aims to increase confidence in large-scale manufacturing investments to build electrified supply chains in the UK. It is vital, in the transition to net zero, that the automotive sector seizes the opportunity to grow the industry, create or safeguard jobs and build on the expertise anchored here in the UK."
Last month, Nexeon announced a major expansion programme following a successful funding round resulting in over $200m raised from investors including Ingevity Corporation and SKC.