Anaphite Raises €12.5 Million in Series A Financing for Battery Coating Technology

British equipment manufacturer Anaphite has secured €12.5 million in a Series A financing round aimed at advancing its dry coating technology for battery electrodes. The total funding raised amounts to $13.7 million (£10.4 million), which will enable the company to scale its patented dry coating precursor (DCP) technology.

Anaphite’s DCP technology is projected to reduce the carbon intensity of electric vehicle (EV) battery production by 30% and lower costs by 40%. The company has stated that it is already collaborating with various global car and battery cell manufacturers.

World Fund and Maniv were the leading investors in this funding round, which also saw participation from EEI and Nesta. Existing investors Elbow Beach Capital and Wealth Club also contributed to the round.

Craig Douglas, Partner at World Fund, commented, “Anaphite’s unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market. The team has already made breakthroughs in lithium-ion battery production, and their technology will be applicable to a wide range of new battery technologies, including sodium-ion and solid-state.”

Founded in 2018 by chemist Sam Burrow (CTO) and physicist Alexander Hewitt (COO), Anaphite utilizes a proprietary coating process that creates a “precursor powder,” ensuring efficient dry coating for high-performance electrode production. The company claims its technology can save approximately 15% of production space when coating battery anodes.

In the last 18 months, Anaphite has initiated a pilot production line. The newly acquired funds are expected to facilitate the full commissioning of a plant capable of supplying large quantities of the company’s patented composite cathode material. Additionally, the financing will support new hiring initiatives and further research and development efforts to expand its technology portfolio.