€59m for UK fast charging tungsten battery cell startup
UK startup Nyobolt has raised €59m ($59m) to build a factory for its tungsten-based lithium ion fast charging battery cells.
The majority of the Series B funding comes from H.C. Starck Tungsten Powders (HCS), a subsidiary of Masan High-Tech Materials (MHT), which supplies tungsten for the anode in the battery cell.
HCS is investing £45m (€52m) to support Nyobolt’s plan for volume production of its anodes in the UK by 2023. It has an in-house, industrial scale laboratory that provides analysis for battery materials, and any kind of chemical and physical properties of inorganic powders.
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The technology, developed at the University of Cambridge by battery scientist Professor Dame Clare Grey, provides over 90% charging in under five minutes by supporting an input power density that is ten times higher than other lithium ion technologies. The cells also have higher durability.
“We are excited to move our technologies from development to deployment in the market,” said Professor Dame Clare Grey, Nyobolt Co-Founder & Chief Scientist. “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.”
The funding will also be used to support HCS recycling capabilities, including its black mass recycling. HCS also has a strong history in the development of cathode coatings.
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“This investment marks a milestone in our strategy to move further downstream, and get closer to consumers by developing new, innovative applications including our recently trademarked “starck2charge” battery materials product range. Nyobolt’s technology is a real breakthrough that we can help commercialize based on our vast experience in transferring innovative solutions into large-scale manufacturing. This partnership is also going to accelerate the development towards a circular economy for batteries via enhanced recycling and new models of use,” said Hady Seyeda, CEO of H.C. Starck Tungsten Powders.
“I am really proud that just over two years after acquiring and integrating the global Tungsten business of H.C. Starck into MHT we have been able to expand our breadth of business capabilities through the acquisition of a significant equity stake in Nyobolt. We look forward to working together with the Nyobolt team to advance their product offering and opportunities to partner in the manufacturing and commercialisation of their products as well as offering a full life cycle for the advanced strategic materials required in the Nyobolt batteries,” said Craig Bradshaw, CEO of MHT.
Sai Shivareddy, CEO and Co-founder of Nyobolt said: “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 set to transform the energy storage industry. With H.C. Starck investment and technologies, Nyobolt will expand its manufacturing capabilities while minimizing its carbon footprint with an effective recycle and reuse program.”
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