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British battery startup Nexeon supplies cutting-edge materials to Panasonic

British battery startup Nexeon supplies cutting-edge materials to Panasonic

 


July 24 (Reuters) – British battery startup Nexeon will supply high-energy silicon anode material to Panasonic’s (6752.T) newest US plant from 2025, the companies said Monday.

Using a silicon-rich anode allows Panasonic battery cells to store more energy and charge faster, the company said. The greater energy density also gives Panasonic the option to create smaller and lighter packs with a range similar to current battery cells.

Abingdon-based Nexeon will supply the material to Panasonic Energy Cos’ $4 billion De Soto, Kansas plant, which is scheduled to open in early 2025.

Among Nexeons’ competitors developing silicon-rich anodes are two US startups. Group14 is headquartered in Woodinville, Washington and Sila Nanotechnologies is headquartered in Alameda, California.

Founded in 2006, Nexeon has raised more than $260 million and most recently was valued at $350 million, according to investor website PitchBook.com. Among the corporate investors and partners is Koreas SK Group (034730.KS), which makes batteries and battery materials.

According to PitchBook, Group14 has raised $650 million and was most recently valued at $3 billion. Corporate investors include German car manufacturer Porsche (PSHG_p.DE), as well as SK and BASF (BASFn.DE). Group14 has signed a contract to supply silicon anode materials to Cellforce, a Porsche subsidiary.

According to PitchBook, Sila has raised $935 million and was most recently valued at $3.3 billion. Corporate investors include Mercedes-Benz (MBGn.DE), Siemens (SIEGn.DE), Samsung (SAGR.UL) and Chinese battery giant CATL (300750.SZ). Mercedes will be Silas’ first automotive customer in 2025, starting with the EQG electric SUV.

Detroit’s Paul Lienert reports; Edited by Jonathan Oartis

Our Standard: The Thomson Reuters Trust Principle.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/business/autos-transportation/uk-battery-startup-nexeon-supply-panasonic-with-advanced-material-2023-07-24/

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