UK battery startup Nexeon to supply Panasonic with state-of-the-art hardware

[ad_1]

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

Using silicon-rich anodes will allow Panasonic battery cells to store more energy and recharge faster, the companies said. The greater energy density also gives Panasonic the ability to manufacture smaller, lighter packs with a range similar to today’s battery cells.

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

Among Nexeon’s competitors in the development of silicon-rich anodes are two American startups: Group14, based in Woodinville, Washington, and Sila Nanotechnologies, based in Alameda, California.

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

Group14 raised $650 million and was recently valued at $3 billion, according to PitchBook. Its corporate investors include German automaker Porsche (PSHG_p.DE), as well as SK and BASF (BASFn.DE). Group14 has entered into an agreement to supply silicon anode materials to Cellforce, a subsidiary of Porsche.

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

Reporting by Paul Lienert in Detroit; edited by Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

[ad_2]