High-power ultrafast charging technologies firm Nyobolt has raised £23m in funding, just months after claiming it could close operations entirely.
The funding brings the total raised to over £75m and will accelerate the advancement of the Cambridge-based company’s proprietary technology, fuel market expansion, grow its team, and cement its position as the industry leader in ultra-fast power systems.
It also seems to have come at an incredibly critical time for the business, as it warned in early January that it could run out of funds in late Q1 2025 if it didn’t raise investment.
Despite this, the round saw many backers and was led by IQ Capital and Latitude, the sister fund of LocalGlobe, with strategic partners including Scania Invest and Takasago Industry.
Nyobolt’s energy storage and fast-charging technologies are delivering up to 20x more power, charging in minutes and cutting downtime for even the most power-intensive applications to zero.
The company closed 2024 with $9m in revenue and made history as the first company to successfully charge an electric car battery to 80% in under five minutes. It is now positioned to triple its revenue figures, with over $150m in contract value already secured.
“The world is experiencing an unprecedented demand for power, not only to decarbonise heavy industries but to provide enough resources to handle the surge in AI infrastructure,” said Sai Shivareddy, co-founder and CEO of Nyobolt.
“The energy status quo can’t and shouldn’t sustain these demands. Our vertically integrated technology is already positively impacting customers, enabling them to experience stable, fast charge solutions when they need them the most.
“I’m delighted to have the confidence of our customers and investors as we further strengthen our mission to push the boundaries of ultra-high-power solutions.”
Max Bautin, co-founder and managing partner at IQ Capital, added: “Nyobolt has achieved what so few companies can do: translating deep tech research from the lab into a global, impactful business.
“In just a few short years they have become the go-to provider of high-power density solutions for AI warehouse operations and heavy-duty vehicles. Now with the advent of the AI revolution, they are in prime position to become the backbone of critical AI infrastructure.
“We’re continuing to support Sai and the Nyobolt team as they take on this ambitious challenge not just as a company but the whole energy sector.”