Nyobolt, a pioneer in fast battery charging systems, has closed a £50m Series B funding round.
The Cambridge company plans to set up large-scale production with an emphasis on the automotive and home appliance markets.
The round was led by HC Starck Tungsten Powders – a subsidiary of Masan High-Tech Materials, one of the world’s largest suppliers of tungsten and a key component of Nyobolt technology – along with existing deep-tech investor IQ Capital.
The investment should help Nyobolt enter the market, establishing its presence and launching production of millions of units next year. It plans to open its first material manufacturing plant in the UK, as well as expand its cell manufacturing plant in the US and increase the number of its teams around the world.
The 2019 co-founders are Professor Claire Gray, a battery scientist at the University of Cambridge, who was recently appointed a Dame Commander of the Order of the British Empire in the Queen’s Platinum Jubilee Honors List for her services to science, and CEO Dr Sai Shivaredi. reduce charging time from hours to minutes. It says the technology will lead the world to decarbonise transport by erasing the biggest barrier to drivers switching to electric cars – charging anxiety.
The technology is being applied to a variety of applications from home appliances to electric vehicles and industrial robotics, improving performance and revolutionizing energy storage markets.
HC Starck also has established recycling capabilities.
“We are very excited to take our technology from development to market deployment,” said Chief Scientist Professor Gray. “We founded Nyobolt after discovering new anode technologies containing tungsten with excellent fast charging capability to bring these properties to market in applications that touch all aspects of everyday life.
“The funding from HC Starck will help Nyobolt grow our operations in the UK and the United States and bring a more sustainable solution to the energy storage industry. Nyobolt’s technology will not only ensure net zero in both the electrification of transport, but also the preservation of clean and renewable energy on and off the grid.
“Thanks to HC Starck’s investment, Nyobolt’s ultra-fast-charging, high-capacity batteries will help pave the way for the clean energy goals set by governments around the world.”
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Dr Shivaredi added: “Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy – a need that our technology is addressing. We are excited about our partnership with HC Starck and see it as a stepping stone to scale and speed to market, unlocking the true potential of Nyobolt technologies.
“The Series B funding will put Nyobolt at the forefront of the fast-growing battery industry and allow us to showcase the uniqueness of our battery technology, developed by our team of experts, which is set to transform the energy storage industry.
“Thanks to HC Starck’s investment and technology, Nyobolt will expand its manufacturing capabilities while minimizing its carbon footprint through an effective recycling and reuse program.”