A developer of next-generation materials for lithium-ion batteries has raised £10 million.
Echion Technologies says its products deliver fast-charging capability, cost-effectiveness and high energy density, which are vital for the world’s shift towards decarbonisation through pervasive electrification.
The Series A funding round has been led by CBMM, the world’s leading supplier of niobium products, and BGF, with the University of Cambridge, Origin Capital and other existing shareholders also taking part.
Echion’s materials have been successfully evaluated by major battery cell and battery materials manufacturers around the world, who are now moving forward to larger scale trials.
The financing will allow Echion to scale-up to multi-tonne level material production, demonstrating high-yield, cost effective manufacturability as well as to supply the growing demand for material for pre-production trials.
“We are tremendously excited to start the next stage in our journey to bring the Echion Mixed Niobium Oxide products to market,” said CEO Jean de La Verpilliere.
“We have great synergies within our investor base and will keep building a world-leading team to deliver exceptional performance to our customers.
“We look forward to creating value for our partners and contributing to making superfast-charging batteries a reality.”
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The Echion funding round increases BGF’s investment in companies engaged in carbon reduction and the energy transition to £230m, and comes shortly after the announcement of a Clean Growth Advisory Board chaired by Baroness Brown of Cambridge.
Richard Pugh, investor at BGF, joins the board of directors. “Echion has huge potential to use its cutting-edge battery chemistry technology to accelerate the adoption of batteries in a range of applications,” he said.
“BGF is convinced that batteries will play a critical role in the energy transition and identified that Echion’s technology brings significant benefits in key areas such as fast-charging or high-power applications.
“This funding round will support an exceptional management team in completing the final push to commercial adoption, working in parallel with a range of very high quality stakeholders for instance recent joint projects with global science and chemicals company, Johnson Matthey, and a number of other high-profile international customers.”