Valley backers fuel battery startup’s $multibillion charge
Nyobolt, a thrusting young Cambridge battery company that has developed a new material to deliver ultra-high power, has raised $10 million in a Series A round to target markets worth hundreds of billions of dollars a year.
The new technology allows batteries to charge faster, deliver more power and work at extreme temperatures, meaning they can be deployed in places current batteries simply do not work.
The technology is based on years of research by Dr Clare Grey, a world leader in battery materials, and the company already has operations in the UK, US and Asia. The team comprises experts from Tesla, Dupont, Dyson and Samsung.
The Series A has been led by IQ Capital with participation from Cambridge Enterprise alongside Silicon Valley investors.
The funding will enable Nyobolt to expand globally, building new facilities and growing the engineering and operational teams which work with customers to implement and integrate the unique technology into commercial applications to solve their battery challenges.
Nyobolt developed out of years of research at the University of Cambridge led by Professor Grey and Dr Sai Shivareddy. The company is rapidly expanding its global technical and commercial presence with teams in the UK, US and Asia leveraging decades of experience at Tesla, Samsung, Dupont and Dyson.
Nyobolt has developed a proprietary process using niobium-based anode materials to create batteries that deliver record high power, ultrafast charge and high energy.
The world-leading charge and discharge rate capability of Nyobolt batteries, extensively recorded in academic journals, presents a huge opportunity to supercharge the electric revolution.
The batteries also address other major challenges facing much existing technology as they operate within a wide temperature range and are highly durable.
CEO Dr Sai Shivareddy said: “Nyobolt batteries remove the limitations presented by conventional lithium-ion batteries. They are perfect for applications that require high power and ultra-fast charge.
“The recorded performance of our batteries represents a paradigm shift in the prevailing technology and we are pleased to play our part in accelerating a greener, more efficient future, powered by world-class batteries.”
Max Bautin, managing partner at IQ Capital, said: “Nyobolt is a ‘new gen’ deeptech start-up founded by a highly experienced team with multiple prior successes; it is based on highly differentiated, patented and highly scalable technology.
“We are very impressed by the team, products and commercial traction to-date and we are convinced that Nyobolt will have a revolutionary impact on Li-ion battery applications, and create new previously impossible uses in markets worth hundreds of billions of dollars a year.”
Cambridge Enterprise investment director Dr Elaine Loukes added: “When Clare and Sai first disclosed their discovery to Cambridge Enterprise nearly five years ago, we recognised that this would have the potential to be a paradigm shift in ultrafast battery charging.
“The importance and significance of this technology to the post-carbon world cannot be overstated. We have worked with the founders from patent application through to seed funding and now A-round funding and we are extremely excited to be part of the ongoing journey of this incredible company.”