Fast-charging battery firm Nyobolt secures £50m in Series B round
UK-based Nyobolt has secured an additional £50 million in Series B fundraising as it takes its fast-charging battery production to the next level.
Nyobolt, specialises in ultra-fast charging battery solutions designed to transform the electric vehicle (EV) sector and provide a sustainable, long-term “solution to charge anxiety.” They plan to open a British manufacturing plant next year with the funds they’re raising.
The Series B round, overseen by H.C. Starck Tungsten Powders, will sustain Nyobolt’s ambition to supply millions of ultra-fast charging battery cells and turbocharge its battery recycling scheme.
Nyobolt’s forward-thinking battery anodes combine tungsten and niobium to create a charge that could fully power EVs in less than five minutes. Both tungsten and niobium are considered highly stable metals that are often added to reinforce steel or develop steel alloys.
Nyobolt batteries could be mainstream by 2030
Although the Cambridge-based start-up is using high-performance EVs as a testing ground for its batteries, its senior executives are bullish about the prospect of Nyobolt batteries being incorporated into mainstream EV models before the turn of the decade.
Consumer uncertainty and anxiety surrounding the UK’s immature charging infrastructure have deterred many from investing in new EV models. Manufacturers have sought to sugar coat the lack of a nationwide charging network by focusing on fitting EVs with batteries that can drive respectable ranges of between 200-255 miles. However, Nyobolt and many other battery start-ups believe the future relies on smaller, cheaper and faster-charging batteries.
An opportunity for Nyobolt to thrive on both sides of the Atlantic
Professor Clare Grey, Co-founder and Chief Scientist at Nyobolt, described this latest Series B funding round as the opportunity to switch its technologies “from development to deployment in the market”.
Ms Grey said that the funding will enable the firm to “scale up” its operations in the US as well as Britain, yielding a “more sustainable solution to the energy storage industry”.
Despite the increasingly uncertain economic climate, fuelled largely by a global surge in inflation, many innovative companies have still been able to secure the funding they need to take the next step up the growth ladder.
One of the key drivers of sustained fundraising rounds has been the revolution of the legal and administrative aspects of launching a funding round.
Dedicated firms like SeedLegals make it easier for founders to design, negotiate and finalise the necessary legal documentation for closing a funding round. More than £1 billion has been raised with the help of this platform alone, underpinning the futures of over 35,000 growing companies.
Aside from Nyobolt, many other pioneering companies have recently closed a funding round. Digital asset data provider Amberdata secured almost £25 million in a Series B funding round, as it seeks to become the number one choice for institutions looking to onboard digital assets globally.
Meanwhile Mutiny, a firm which aims to utilise the power of artificial intelligence to personalise landing page copy and social advertising based on user preferences, also raised over £40 million in a Series B round which values the firm at almost £500 million. Mutiny already has a client base of brands including Dropbox, Qualtrics and Snowflake, with its AI-powered engine serving approximately 50 million consumers to date.