British fast-charging battery brand Nyobolt has raised £50 million to build a manufacturing plant in the UK by 2023.
The Series B funding round was led by H.C. Starck Tungsten Powders, a subsidiary of Masan High-Tech Materials, one of the world’s largest tungsten suppliers, and will help Nyobolt bring its products to market, as well as the construction of its manufacturing facility.
Nyobolt currently offers ultrafast, high-performance battery and charging technologies for racing EVs, however company bosses have said its technology could be ready for mass-market EV models later this decade.
The technology, which Nyobolt claims can allow electric vehicles to charge in minutes, focuses on battery anodes using niobium and tungsten, both stable metals often used to strengthen steel or create steel alloys.
Professor Clare Grey, Chief Scientist & Co-founder of Nyobolt, said: “We are excited to move our technologies from development to deployment in the market. 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 the United States and bring a more sustainable solution into the energy storage industry.”
“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,” said Hady Seyeda, CEO of H.C. Starck Tungsten Powders.
“This partnership is also going to accelerate the development toward a circular economy for batteries via enhanced recycling and new models of use.”