Axeon, a UK-based supplier of lithium-ion batteries for electric vehicles, power tool and mobility applications, says it has raised GBP5m of new equity to support the next development phase of the business.

It says the new funding will be deployed in the following 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, said: "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.”

Berns also said that the investment will enable Axeon to compete more effectively, particularly in the USA.

“It is increasingly important to have US-based production to convince potential customers of our long-term commitment to that market,” he said.

See also: INTERVIEW: Charles Matthews, Axeon's Chairman