A former CEO who led Cambridge Display Technology from university spinout to NASDAQ-listed company then an eventual $285 million trade sale has come out of retirement to found a new startup.
Dr David Fyfe, who according to LinkedIn is based in Florida, left retirement nine months ago to lead Cambridge-based Kodiaq Technologies as executive chairman.
A spinout from Cambridge University’s Department of Chemistry Melville Laboratories, the patented technology is in the field of long duration energy storage.
Dr Fyfe said earlier this year that the startup was in the process of raising £3 million funding to take the technology to market. Now it has confirmed the completion of an £850,000 funding round backed by over 20 high-net-worth investors across the ClimateTech and DeepTech communities.
The proprietary organic electrolytes – which are metal-free – increase energy density and, therefore, enhance storage capacity. The company believes its technology will enhance the performance of flow batteries with a significant reduction in the investment cost per unit of storage.
It says this could potentially provide a scalable, cost-effective alternative to lithium and vanadium-based systems. Additionally, by using organic chemistry rather than mined metals, Kodiaq can offer environmental and strategic advantages as to long-term supply resilience for the global energy storage industry.
Dr Fyfe led the trade sale of Cambridge Display Technology – behind OLED technology development and licensing – to Sumitomo Chemical in 2007. He remained with the company for three years post-sale, marking a decade at the firm.
Kodiaq Technologies was co-founded by Professor Oren Scherman (CSO) and Dr Kamil Sokolowski (CTO). A capital-light business model, its strategy is to retrofit existing flow battery systems.
“Energy storage doesn’t have to be dependent on the price or availability of metals. Our approach will replace that dependency with something globally available, sustainable, and scalable,” said Dr Fyfe.
“This investment enables us to move development to the point at which pilot projects will demonstrate how British innovation can deliver global solutions.
“Kodiaq’s business model combines deep scientific expertise with a clear commercial pathway. In a market increasingly shaped by geopolitical and material constraints, our metal-free chemistry represents both a competitive edge and a strategic opportunity.”
The funds will be used to accelerate development with a view to raising a substantial funding round in mid-2026 which will be used to establish scaled-up demonstration projects in several global markets, it added.