Cambridge spin-out Nyobolt raises £50m to lead the future of sustainable energy storage
The £50 million Series B funding is 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 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.
Nyobolt, which spun out of the Yusuf Hamied Department of Chemistry in 2016, was co-founded by Professor Dame Clare Grey and Dr Sai Shivareddy (CEO). The company’s mission 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 battery research led by University of Cambridge battery scientist Professor Grey, who has been 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.