International law firm Osborne Clarke has advised leading battery materials developer and manufacturer, Nexeon on the second close of its fundraising, making a total investment of US$170 million and a further US$50 million of commercial investments made in Nexeon's technologies as a consequence of the investment rounds.
The latest cornerstone investor to join a strong shareholder base with extensive manufacturing and automotive experience is Ingevity Corporation (NYSE:NGVT). GLY Mobility Fund and Korean private equity investors Daishin Private Equity and Shinhan Investments also participated in the second close which saw a total investment from these investors of US$90 million.
Nexeon will utilise the capital raised to accelerate the expansion of its own manufacturing capabilities to mass produce tens of thousands of metric tonnes annually of its silicon-based anode materials for use in rechargeable Lithium-ion batteries. This will build on the number of Tier 1 global battery manufacturers and OEMs of which Nexeon is already a supplier and help to grow engagement with regional enterprises as the electric vehicle market develops new supply chains for their products.
Earlier this year, Nexeon announced its strategic partnership with one of Korea's leading advanced materials companies, SKC Co. Ltd who led the first close of the investment round, alongside private equity firm SJL Partners LLC, which raised US$80 million.
Rob Hayes, Partner at Osborne Clarke commented:
"Investment in Lithium-ion battery development and manufacturing is critical in the global drive to reduce carbon emissions, especially given their dominant use in electric vehicles. It was great to work on such a significant deal for longstanding client Nexeon once again, having supported it since its incorporation in 2006. The investments made this year are very exciting and we look forward to watching its progress over the next phase of its development."
Dr Scott Brown, CEO of Nexeon commented:
"It was good to have Rob and the Osborne Clarke team to work alongside us once again to help get the investment completed. There were multiple moving parts to the transaction with tight deadlines, so it was reassuring to have a well organised legal team on board who we know are responsive and remain calm under pressure."
The Osborne Clarke assisting Nexeon was led by Partner Rob Hayes who was supported by Associate Elizabeth Yell and Paralegal Fern Tawera from Osborne Clarke's corporate team.
Osborne Clarke’s Corporate team is considered a go-to practice for many companies in the tech, media and comms sector, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.
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