Cambridge-headquartered Nyobolt has raised £50m to begin manufacturing its fast charging and high-power battery technology in the UK.
Nyobolt will use the £50m capital injection for its first material manufacturing plant in the UK and expanding its cell engineering facility in the US.
The company also plans on growing its headcount.
“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,” said Professor Clare Grey, chief scientist and co-founder, Nyobolt.
Founded in 2019 by Grey and Dr Sai Shivareddy, the University of Cambridge spinout wants to commercialise higher-performing batteries that reduce charging time “from hours to minutes”.
Dr Sai Shivareddy, CEO and co-founder, Nyobolt said: “Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy – a need our technology addresses.”
The £50m Series B was led by H.C. Starck Tungsten Powders alongside previous investor IQ Capital, a deeptech venture capital firm. It follows on from its £7.5m Series A round in February last year.
Through materials company H.C. Starck, Nyobolt will not only receive investment but will gain access to its recycling capabilities to help reduce the environmental impact of its batteries. Nyobolt will also gain access to H.C Starck’s supply of materials.
In February, Nybolt recruited ex-Mercedes employee Shane Davies to head its software and controls department.
IQ Capital makes investments between £500,000 and £10m from Seed stage. It has over 50 companies in its portfolio and previously invested in CybSafe’s £5.6m Series A.
Northumberland-based battery cell manufacturer Britishvolt in June renewed its contract with the University of Warwick to develop battery cell technology.