Nexeon, a battery materials developer and manufacturer, has completed the second close of its fundraising resulting in a total investment of $170 million.

Additionally, a further $50 million of commercial investments are being made in Nexeon’s technologies because of the investment round.

The capital raised will provide Nexeon with further resources to accelerate the expansion of its manufacturing of silicon-based anode materials for use in rechargeable Lithium-ion batteries.

Ingevity Corporation joined the funding round as a strategic investor, and Ingevity’s Erik Ripple joined the Nexeon board.

GLY Mobility Fund, Korean private equity investors Daishin Private Equity and Shinhan Investments, also participated in the second close of the round, which raised a further $90 million.

“This partnership expands applications for Ingevity’s activated carbon and creates significant opportunity for market growth,” said John Fortson, Ingevity Corporation Chief Executive.

“This oversubscribed funding round and other investments provide us with all the resources we need to execute the manufacturing strategy for our game-changing battery technology. We have already doubled in size this year as we have started to scale up. Lithium-ion is the dominant battery technology for portable device applications, particularly in the electric vehicle market. We see wide-ranging market opportunities for our products given the continued improvement in battery technology, environmental pressures, and new and widening market opportunities to address growing demand in all walks of life,” said Scott Brown, Nexeon Chief Executive.

The first close of the investment round, which raised $80 million, was led by SKC, an advanced materials company, along with private equity firm SJL.

According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, In 1H 2022, $15.8 billion was raised in corporate funding from 57 deals, 64% higher compared to $9.6 billion raised in 43 deals in 1H 2021.

This week, Li Industries, a developer of lithium-ion battery recycling technologies, announced the closing of a Series A funding round of $7 million. Khosla Ventures led the round with participation from Shell Ventures and Xerox Ventures. Li Industries develop scalable direct recycling technologies for lithium-ion batteries.