Monday, 23 January 2017
Last updated 2 days ago
Feb 17 2009 | 12:01am ET
UK-based energy storage start-up Nexeon Limited has raised GBP 10 million ($14.2 million) to continue development of its silicon-based anodes for lithium-ion batteries.
PUK Ventures contributed GBP 1 million ($1.4 million) to the funding, Invesco Perpetual contributed GBP 5 million and the Imperial College London invested GBP 4 million through its venture arm, Imperial Innovations.
Nexeon has been developed within the Imperial College London’s innovations incubator, the goal of which is to commercialize technologies developed by the university’s professors. Nexeon was founded by Professor Mino Green of the university’s electrical engineering department.
Nexeon plans to use the money raised to build a pilot manufacturing facility. The latest funding round follows a GBP 4.25 million round in July 2007.
The company has developed proprietary processes and machines for producing the material and for making electrodes and plans to sell non-exclusive licenses for its technology.