Imperial Innovations Group plc (AIM: IVO, 'the Group', 'Innovations') announces that portfolio company Nexeon Limited ('Nexeon' or 'the Company') has completed a £30.0 million equity funding round to progress its novel battery materials technology.
Innovations has committed £5.0 million to the round alongside existing investor Invesco Asset Management, as agent for its discretionary managed funds and new investor Woodford Investment Management LLP, as investment manager for certain of its managed funds.
As at 31 July 2015, Innovations had invested £22.4 million in Nexeon with a net carrying value of £34.1 million.
As a result of this new investment, Innovations will hold a 33.7% stake in the issued share capital of the Company.
Nexeon is developing battery materials for next generation rechargeable (Li-ion) batteries. Batteries made with silicon anodes have increased capacity, offering the potential for lighter batteries with more energy and a longer lifetime between charges.
Nexeon will use these funds to build a development lab in Asia; to acquire IP and complementary technology to broaden its offering to customers; and to begin work on the design of a larger manufacturing facility. These initiatives will improve Nexeon's ability to achieve world-leading levels of battery energy density and to satisfy the demand for superior battery performance in applications.
These range from smart phones and other mobile consumer devices, to electric vehicles and the large-scale static energy storage of renewable energy.
Russ Cummings, CEO of Imperial Innovations, said:
"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.
"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.
"This additional funding will allow the Company to establish even closer links with its target markets in Asia, as well as to capture complementary intellectual property. Both of which will help Nexeon to consolidate its position at the forefront of the race to commercialise silicon as an alternative to carbon-based anode systems."