Nyobolt, Cambridge’s pioneer of end-to-end fast-charging battery systems, has revealed the initial close of a £50 million Series B round which will enable the company to enter a stage of manufacturing at scale. The financing takes Nyobolt’s value to £300m.
The Series B is led by German materials power player H.C. Starck Tungsten Powders (HCS), a subsidiary of Masan High-Tech Materials, one of the world’s largest tungsten suppliers. Tungsten is a key component of Nyobolt’s technology. Nyobolt’s existing investor – IQ Capital – is also participating in the round.
The investment is set to drive Nyobolt’s market entry by establishing its presence and launching the manufacturing of millions of units next year.
H.C. Starck funding will enable Nyobolt’s first materials manufacturing plant in the UK as well as expansion of the US cell engineering facility and the teams’ growth across the globe.
Co-founded in 2019 by Professor Clare Grey and CEO Dr. Sai Shivareddy, Nyobolt is commercialising high-performance battery and charging technologies to create a world where lengthy charge times no longer exist.
The investment and future collaboration between Nyobolt and H.C. Starck in the supply of materials, scale-up of manufacture and recycling aims to provide a sustainable solution supporting the transition to net zero in multiple sectors.
The ultra-fast charging battery solution developed by world-renowned experts at Nyobolt drastically decreases charge time from hours to minutes, maximising uptime and productivity.
Nyobolt’s technology 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.
As well as ensuring security of supply of key materials, this strategic partnership will enable Nyobolt to benefit from the established recycling capabilities of H.C. Starck, allowing the efficient use of resources to minimise the environmental impact of Nyobolt’s ultra-fast charging batteries.
The collaboration will lead to a sustainable supply chain for Nyobolt’s technology, making the technically demanding process of battery recycling easier and more efficient.
Nyobolt’s technology builds on a decade of research led by University of Cambridge battery scientist Professor Clare Grey, who was 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, marking her extensive contributions to the battery industry and its pivotal role for a more sustainable world.
Prof. Clare Grey, Chief Scientist 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 scale 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.”
CEO 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 program.”
PHOTOGRAPH: Dr. Sai Shivareddy, CEO and co-founder at Nyobolt (left) with Danny Lee, CEO of Masan Group.