Electronic battery innovator Anaphite has raised £10.4 million in Series A funding to scale its production technology for battery electrodes.
Anaphite, launched in 2018 by chemist Sam Burrow (CTO) and physicist Alexander Hewitt (COO), has patented chemistry-based technology with the potential to make EV battery manufacture 30% less energy intensive and up to 40% cheaper.
The Bristol firm is actively working with leading battery cell manufacturers and car OEMs to implement this technology.
The funding was co-led by World Fund, Europe’s leading climate VC, and Maniv, a global early-stage VC investing in the decarbonisation of transportation and digitisation of its value chains. A cohort of top climate investors also joined, including EEI and innovation agency Nesta, with further participation from existing investors Elbow Beach Capital and Wealth Club.
The capital injection will enable Anaphite to scale up and expand its in-house dry coating capability, and fully commission a plant with the capacity to deliver tonnes of the company’s patented composite cathode material. The funding will also support extensive new hires and further R&D investment to expand its technology portfolio.
If delivered at scale by manufacturers worldwide, Anaphite says its technology would reduce the cost of EVs for consumers.
“This funding will help Anaphite scale up and become a partner of choice for the global market,” said Hewitt.
“Li-ion battery electrodes have been produced at scale the same way for decades, and with the advent of the sustainable energy revolution, there is an acute hunger for change and improvement in the industry. Our technology has the power to revolutionise the electrode production process while lowering costs and emissions for EV and cell manufacturers, and we can’t wait to see it in action.”
CEO Joe Stevenson, added: “Securing capital from investors that are renowned specialists in mobility, energy, and environmental investment around the world, is a huge validation moment for Anaphite, and affords us the resources to extend our technical lead in the market.
“We are thrilled that transportation expert Michael Granoff has joined the company’s board, and that we are EEI’s first UK-based investment. We look forward to working with all our new partners as we take this next step in our global journey.”