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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.