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UK fast-charging battery maker Nyobolt has closed its Series B funding round, which will see £50m injected into the business.
The cycle was led by HC Starck Tungsten Powders, a subsidiary of Masan High-Tech Materials, one of the world’s largest suppliers of tungsten – a key component in Nyobolot’s batteries.
Nyobolt has a range of applications for its batteries ranging from household appliances to electric vehicles and industrial robotics. It also indicates that they can revolutionize energy storage markets.
The financing will allow Nyobolt’s products to be marketed and to launch its production next year. The company says it hopes to produce “millions” of units. The funding will also enable Nyobolt’s first materials manufacturing plant in the UK, as well as the expansion of the cellular engineering facility in the US and the growth of teams across the world.
“We are excited to take our technologies from development to market deployment,” says Professor Clare Gret, Chief Scientist and co-founder of the company.
“We founded Nyobolt following the discovery of new technologies of anodes containing tungsten with a remarkable rapid charge capacity to bring these properties to market in applications affecting all aspects of daily life. HC Starck’s funding will help Nyobolt expand its operations in the UK and US and bring a more sustainable solution to the energy storage industry.
Nyobolt says its charging solution will reduce charging times “from hours to minutes” and help maximize uptime and productivity.
“This investment marks an important step in our strategy to go further downstream and get closer to consumers by developing innovative new applications, including our recently filed ‘starck2charge’ battery materials product line,” said Dr. Hady Seeyeda, CEO of HC Starck Tungsten.
“Nyobolt’s technology is a real breakthrough that we can help bring to market with our extensive experience in transferring innovative solutions to large-scale manufacturing. This partnership will also accelerate development towards a circular battery economy through enhanced recycling and new usage patterns.