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Axeon raises new investment for growth and development

September 16, 2010 | Paul Buckley | 222901083
Axeon raises 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 company’s 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.
 “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, ” explained Lawrence Berns, Axeon’s CEO.
“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”.

Axeon is one of the consortium automotive partners supporting a research project called REEVolution that aims to expand and enhance technology for range extended electric vehicles (REEV) in the premium sector.  The consortium, which also includes Jaguar Land Rover, Lotus Engineering, Nissan Motor Co. Ltd, THINK, EVO Electric and Xtrac, is contributing between them a total of £11million to the programme.

The UK’s Technology Strategy Board alongside the Department for Business Innovation and Skills (BIS) and the Office for Low Emissions Vehicles (OLEV) announced today funding for the next stage of its Integrated Delivery Programme (IDP) Competition for Low Carbon Vehicles which will see the consortium of automotive partners being awarded £9.5million to help fund the project.

The consortium companies will collaborate over the next two years to develop advanced electric powertrains and a greater understanding of the commercial requirements needed for high performance electric and range extended electric vehicles. The work will accelerate the development of new technologies and key commodities whilst laying the foundations for a globally competitive supply base.

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