Battery technology firm Echion Technologies has secured a further £10 million growth investment.
Born in the labs of the University of Cambridge Engineering Department in 2017, Echion’s headquarters are in Sawston, a few miles outside Cambridge. It raised £29m only this summer.
Echion has developed a niobium-based anode material – trademarked XNO – which it says enables lithium-ion batteries to safely fast charge in less than 10 minutes, maintain high energy densities even at extreme temperatures and deliver high power across a cycle life of more than 10,000 cycles.
It says the funding from Barclays Sustainable Impact Capital and existing investor BGF will enable it to accelerate the speed at which its network of partnered cell manufacturers is able to produce commercially available cells utilising its tech.
It will also support Echion’s growth in key markets by providing additional resources to connect cell manufacturers with industrial original equipment manufacturers.
“This investment by Barclays and BGF is strong recognition of the value delivered by XNO,” said Jean de La Verpilliere, CEO of Echion Technologies.
“By utilising XNO, cell manufacturers can deliver the most-innovative, sustainable and high performing batteries to facilitate the effective electrification of heavy-duty vehicles.
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“It is gratifying to have some of the world’s leading investors support our ambitions and cement their belief in XNO by investing significant capital. Their investment will enable us to take the next major step forward in our fast-moving company journey.”
Steven Poulter, head of principal structuring and investments, Barclays, said: “Echion’s leading battery technology is unlocking a long-awaited, economically-viable means of decarbonising heavy-duty vehicles by electrification.
“By producing fast-charging, high power batteries with minimal deterioration over a life cycle, Echion have overcome the performance and affordability challenges which have prevented electrification of heavy-duty fleets to date.”
Dennis Atkinson, investor at BGF, said: “Echion’s innovative approach to battery technology and their commitment to sustainability aligns perfectly with our values and investment strategy. We believe that Echion’s cutting-edge XNO technology is set to play a key role in electrifying and decarbonising heavy transport, and we are pleased to continue our support, having first invested in 2021.”
Applications powered by XNO include battery electric and hybrid trains, mining haul trucks, electric buses, heavy-duty industrial transport and delivery vehicles.