Nexeon Raises $133M ($100M) Round Backed by UK’s National Wealth Fund

As the race for better EV batteries shifts toward energy density and faster charging, governments are increasingly putting direct capital into their domestic battery materials supply chains. The UK is now doing the same, deploying its sovereign investment vehicle to back a homegrown battery materials champion.

UK silicon anode battery materials developer Nexeon has completed a $133 million (£100 million) investment round, the National Wealth Fund announced. Nexeon’s silicon anode materials boost the energy density of lithium-ion batteries beyond what conventional graphite anodes allow, cutting charging times and extending the range of electric vehicles.

Founded in 2006 as an Imperial College London spin-out, Nexeon has spent nearly two decades developing its silicon anode technology. The company is led by CEO Dr. Scott Brown and CFO David Lamb. Nexeon operates the world’s first commercial-scale silicon anode production facility in Gunsan, South Korea, which came online in December 2025. The plant sits fenceline to a silane supplier, OCI, and ships finished material under a binding supply agreement with Panasonic.

The round was anchored by a $70 million (£52.6 million) commitment from the National Wealth Fund, with the Korea Development Bank and Honda Xcelerator Ventures joining as new investors. The National Wealth Fund’s capital will fund a UK-based pilot manufacturing facility and expand Nexeon’s R&D team. Korean capital has backed Nexeon heavily before: in 2022, SK Group affiliate SKC and private equity firm SJL Partners led an $80 million first close for a 22% stake, followed by Shinhan Investment, Daishin Private Equity, and BNW Investment in a second close that brought the round to $170 million total.

The silicon anode race

Competition in silicon anode materials is intensifying. Group14 Technologies, backed by an SK-led $463 million round, is scaling production capacity in both the US and South Korea. Sila Nanotechnologies recently raised another $300 million. US-based Amprius Technologies is shifting manufacturing from China to South Korea to reposition its supply chain. In South Korea, domestic players including Daejoo Electronics Materials, POSCO Future M, and SK Materials are also entering the silicon anode business, making the competition increasingly global.