4th May 2016 10:27
LONDON (Alliance News) - Imperial Innovations Group PLC on Wednesday said portfolio company Nexeon Ltd completed a GBP30.0 million equity funding round as it continues to develop battery materials for next generation rechargeable lithium ion batteries.
Nexeon will use the funds to build a development lab in Asia, to acquire intellectual property and complementary technology to broaden its offering to customers, and to begin work on the design of a larger manufacturing facility.
In a statement, Imperial Innovations said it committed GBP5.0 million to the round. Other backers were existing shareholder Invesco Asset Management and new investor Woodford Investment Management LLP, led by Neil Woodford.
As of July 31, 2015, Imperial Innovations had invested GBP22.4 million in Nexeon, with a net carrying value of GBP34.1 million. As a result of its new investment, Imperial Innovations will hold a 33.7% stake in the issued share capital of the company.
"Nexeon is one of the pioneers of silicon anodes for lithium ion batteries and has made progress on a number of fronts including fundamental material design," said Russ Cummings, chief executive officer of Imperial Innnovations.
"Whilst market adoption has been slower than originally anticipated, there are now indications that the pace is accelerating. Nexeon has sold material for niche applications and is actively sampling to lead customers in other application areas," Cummings said.
Shares in Imperial Innovations were up 0.4% at 395.83 pence Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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