The UK’s National Wealth Fund (NWF) has committed £52.6m to Oxford-based battery materials developer Nexeon as part of a move to build a globally competitive EV supply chain.

The commitment completes Nexeon’s latest £100m investment round, which also attracted major international backing from the Korea Development Bank and Honda Xcelerator Ventures, the mobility giant’s open innovation arm.

The investment will accelerate adoption of Nexeon’s next-generation battery materials, which help reduce charging times and extend the range of electric vehicles

The National Wealth Fund’s financing will support Nexeon’s development of a UK-based pilot manufacturing facility, directly supporting its research and development activities and allowing the expansion of its advanced manufacturing technology unit.

The announcement follows the National Wealth Fund’s January commitment to accelerate the UK’s EV transition by investing heavily in domestic battery manufacturing and charging networks.

By investing in innovative battery technologies and expanding local manufacturing capacity, the fund’s investment is helping to decarbonise supply chains, boost place-based investment, and strengthen sovereign capabilities — supporting all three of the National Wealth Fund’s strategic ambitions.

Chancellor John Healey said: |Companies such as Nexeon show the strength of British innovation. And if we are serious about growth, we must be serious about backing British businesses like this with conditions for them to start, scale and succeed here in the UK, as the National Wealth Fund are doing here.

“That’s how we’ll get good growth and jobs in every postcode.”

Oliver Holbourn, CEO of the National Wealth Fund said: “Backing advanced battery technology is key to building a globally competitive EV supply chain in the UK, as the thought-leadership paper we recently published identifies. This investment will help unlock private capital, support high-value jobs and drive regional growth, while helping to position the UK at the forefront of innovation in the battery sector.”

Scott Brown, CEO of Nexeon, added: “This investment is a strong endorsement of Nexeon’s technology and our role in enabling the next generation of lithium-ion batteries. The National Wealth Fund’s support reflects the strategic importance of our work, not only in advancing battery performance but also in strengthening the UK’s position in the global battery supply chain.”

The announcement follows the co-publication of a paper by the National Wealth Fund and Clean Technology Partnership Initiative (CTPI), which assessed the UK battery market in the context of global trends and spotlights the greatest opportunities and challenges.

The paper concluded that a twin-track approach – debt and guarantees to anchor large supply chain investment, and equity to scale UK advanced tech firms – are essential to develop UK strengths and increase economic resilience.