Nyobolt, a pioneer of fast-charging battery systems, has closed a £50 million Series B funding round.
The Cambridge company plans to manufacture at scale with a focus on the automotive and home appliance markets.
The round was led by H.C. Starck Tungsten Powders – a subsidiary of Masan High-Tech Materials, one of the world’s largest tungsten suppliers and a key component of Nyobolt’s technology – alongside existing deeptech investor IQ Capital.
The investment is set to drive Nyobolt’s market entry by establishing its presence and launching the manufacturing of millions of units next year. It plans to open its first materials manufacturing plant in the UK, as well as expansion of its US cell engineering facility and growth of its teams across the globe.
Co-founded in 2019 by University of Cambridge battery scientist Professor Clare Grey – recently appointed as Dame Commander of the Order of the British Empire in the Queen’s Platinum Jubilee Honours list for her services to science – and CEO Dr Sai Shivareddy, it claims to drastically decrease charge time from hours to minutes. It says the tech will lead the world towards transport decarbonisation by erasing the greatest barrier preventing drivers from going electric – charge anxiety.
The technology is applicable for devices ranging from home appliances to electric vehicles and industrial robotics, improving performance and revolutionising energy storage markets.
H.C. Starck also has established recycling capabilities.
“We are excited to move our technologies from development to deployment in the market,” said chief scientist Prof Grey. “We founded Nyobolt following the discovery of new anode technologies containing tungsten with remarkable fast charging capability to bring these properties to the market in applications touching all aspects of daily life.
“The funding from H.C. Starck will help Nyobolt to scale up our operations in the UK and United States and bring a more sustainable solution into the energy storage industry. Nyobolt technology will not only enable net zero both in the electrification of transport, but also the storing of clean and renewable energy on and off the grid.
“With the investment from H.C. Starck, Nyobolt’s ultra-fast charging, high power batteries will help lead the way towards achieving the clean energy goals set by governments around the world.”
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Dr Shivareddy added: “Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy – a need our technology addresses. We are excited about the partnership with H.C. Starck and see it as a stepping stone to increase scale and speed to market revealing the true potential of Nyobolt technologies.
“The Series B funding will put Nyobolt in the driving seat of a fast-moving battery industry and allow us to showcase the uniqueness of our battery technology, developed by our team of experts, which is set to transform the energy storage industry.
“With H.C. Starck investment and technologies, Nyobolt will expand its manufacturing capabilities while minimising its carbon footprint with an effective recycle and reuse programme.”