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A University of Cambridge electric vehicle (EV) charging spinout has secured £50m in funding to help it build a UK manufacturing plant.
Nyobolt, which spun out of the Yusuf Hamied Department of Chemistry in 2016 and was co-founded by Professor Dame Clare Grey DBE FRS and CEO Dr Sai Shivareddy, said it completed the funding round led by H.C Starck Tungsten Powders (HCS), a subsidiary of Masan High-Tech Materials, one of the world's largest suppliers tungsten (a key part of Nyobolt's technology.
The Cambridge-based battery tech firm will now look to ramp up production and make millions of its "ultra-fast" charging batteries for EVs from next year.
Nyobolt’s technology can "drastically" reduce the charge time for EV batteries from hours to minutes, thus removing one of the biggest barriers to more drivers making the switch to greener vehicles.
The company said it is focused on commercialising high-performance battery and charging technologies to "create a world where lengthy charge times no longer exist."
Figures released by the Department of Transport in May revealed that there are now more than a quarter of a million EVs now travelling on UK roads, Furthermore, sales of plug-in vehicles reached an all-time high, with 327,000 registered last year alone – a 77% rise compared to 2020.
Professor Dame Clare Grey, Chief Scientist and Co-founder of Nyobolt said: “We are excited to move our technologies from development to deployment in the market. 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.”
Dr Sai Shivareddy, CEO and Co-founder of Nyobolt 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 program.”
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