The UK National Wealth Fund has invested £52.6 million (US$70 million) in Nexeon, a silicon anode battery technology startup based in Oxfordshire. This brings Nexeon's latest investment round to £100 million (US$133 million), with additional backing from the Korea Development Bank and Honda Xcelerator Ventures.
The National Wealth Fund stated that its investment will support Nexeon's ongoing scale-up and commercialisation efforts. The funds will be used for a pilot UK manufacturing facility and continued research and development.
Nexeon is advancing silicon anode technology for energy storage systems, aiming to produce lithium-ion batteries with higher energy density. The company operates a mass production facility in South Korea, maintains a research base in Japan, and is headquartered in Oxfordshire.
Nexeon claims its technology enables faster charging and greater energy density in batteries, with applications across electric vehicles and other sectors.
Chancellor of the Exchequer John Healey commented, "Companies like Nexeon show the strength of British innovation. If we are serious about growth, we must support British businesses like this, providing the conditions for them to start, scale, and succeed in the UK, as the National Wealth Fund is doing."
Oliver Holbourn, CEO of the National Wealth Fund, added, "Our investment in Nexeon aligns with our mission to support clean energy innovation and economic growth. Supporting advanced battery technology is essential for building a globally competitive EV supply chain in the UK."
Scott Brown, CEO of Nexeon, described the investment as a "strong endorsement of Nexeon's technology and our role in enabling the next generation of lithium-ion batteries."
In January, the National Wealth Fund announced plans to facilitate £100 million of investment in UK clean energy, prioritising battery manufacturing, energy storage, grid upgrades, and carbon capture projects.
Industries Minister Blair McDougall said, "Following a £130 million investment in net zero vehicle technologies, our Modern Industrial Strategy is doubling down on frontier industries like batteries to help businesses like Nexeon grow, create skilled jobs, and drive good growth across the UK."
There have also been efforts to onshore solar supply and manufacturing in the UK, with Great British Energy recently investing in Naked Energy, a solar thermal company.
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