UK-based Axeon, Europe's largest independent supplier of lithium-ion battery systems, has raised an additional £5 million ($7.8 million U.S. at the current exchange rate) in equity to support its expansion goals. The funding, though not substantial enough to allow the company to accomplish all of its goals, should help Axeon expand its electric vehicle (EV) technology development centers in Europe and kick off the early stages of planning a lithium-ion production facility in North America.
Though Axeon is not exactly a household name in the li-ion industry, demand for its automotive batteries has risen sharply, thus necessitating the need to expand production capacity. Lawrence Burns, Axeon's chief executive officer, outlined the importance of the recent funding and also touched on the company's commitment to the U.S. market, stating:
A further benefit of this new funding will be the impetus it will bring to our new business plans. It will enable us to compete more effectively, particularly in the USA, where it is increasingly important to have U.S.-based production to convince potential customers of our long term commitment to that market.
Hit the jump for more on Axeon's li-ion plans.

[Source: Axeon]

PRESS RELEASE

Axeon attracts new investment for growth and development


Europe's leading supplier of lithium ion batteries for electric vehicles, power tool and mobility applications, Axeon, has raised £5 million of new equity to support the next development phase of the business.

The new funding will be deployed in the following key areas:
  • Expansion of the electric vehicle (EV) technology development centres in Europe;
  • Early-stage planning of production capacity in North America;
  • Growth of the existing power tool and mobile product business.
Lawrence Berns, CEO, commented: "Axeon has a growing order book for the design and assembly of automotive lithium ion batteries, as well as growing demand for applications in hand tool and mobile systems. This investment will be used to expand our resources to meet the requirements our customers are placing upon us".

He added: "A further benefit of this new funding will be the impetus it will bring to our new business plans. It will enable us to compete more effectively, particularly in the USA, where it is increasingly important to have US-based production to convince potential customers of our long term commitment to that market. This investment in Axeon shows that we are fully committed to taking the steps necessary to meet the needs of our global automotive customers".

Share This Photo X