SKC consortium invests $80m in UK anode startup Nexeon

LONDON, Jan 26 (Reuters) – A consortium including South Korean chemicals company SK Co Ltd (011790.KS) has invested $80 million in British battery materials start-up Nexeon to ramp up production of its silicon anodes to meet global demand, the companies 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 of electric vehicle (EV) batteries, which increase vehicle range and charging speed and reduce charging costs. .

As automakers race to bring more electric vehicles to market, they’re looking for ways to increase their vehicles’ range to give them a competitive edge, including exploring new chemistries.

The startup said the funding and a new strategic partnership with SK would help it scale up production and meet “increasing demands from its blue-chip customers in the automotive and consumer electronics industries in Europe.” , North America and Asia”.

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Reporting by Nick Carey in London Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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