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British fast-charging battery manufacturer Nyobolt has closed its Series B funding round, which will see £50 million pumped into the company.
The round was led by H.C. Starck Tungsten Powders, a subsidiary of Masan High-Tech Materials, one of the world’s largest tungsten suppliers — a key component in Nyobolot’s batteries.
Nyobolt has a range of applications for its batteries ranging from home appliances to electric vehicles and industrial robotics. It also says they can revolutionise energy storage markets.
The funding will bring Nyobolt’s products to market and launch its manufacturing 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 expansion of the US cell engineering facility and the teams’ growth across the globe.
“We are excited to move our technologies from development to deployment in the market,” says Prof. Clare Grey, the company’s Chief Scientist and co-founder.
“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 says its charging solution will decrease charge times “from hours to minutes” and help maximise uptime and productivity.
“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,” says Dr Hady Seyeda, CEO of H.C. Starck Tungsten
“Nyobolt’s technology is a real breakthrough that we can help commercialise 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.”
