Bristol-based battery technology startup Anaphite said it has raised £1.4 million in new funding to accelerate development of its manufacturing technology aimed at cutting the energy intensity and carbon footprint of electric vehicle battery production.
The financing includes £700,000 in grant funding from the Innovate UK Investor Partnerships: Clean Energy and Climate Technologies programme, matched by £700,000 in private investment from climate-focused venture capital firms Elbow Beach and World Fund. The funding follows Anaphite’s £10.4 million Series A round, which closed in September.
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Anaphite said the capital will be used to advance the industrialisation of its Dry Coating Precursor (DCP) technology, which enables battery electrodes to be manufactured without solvents or energy-intensive drying stages. The company says this approach can reduce production costs, emissions and factory space requirements, estimating that coating battery anodes using its technology could save around 15% of production floor space.
Electrode mixing and coating are among the most energy- and cost-intensive steps in lithium-ion battery manufacturing, accounting for an estimated 30% to 40% of total energy use, Anaphite said. The company sees particular potential in improving the production of lithium iron phosphate (LFP) cathodes, which are currently more than twice as energy-intensive to manufacture per kilowatt-hour than medium- to high-nickel cathodes.
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“We’re thrilled to have secured this grant support from Innovate UK and the matching investment from Elbow Beach, World Fund and other Anaphite investors,” said Joe Stevenson, chief executive of Anaphite. “This enables us to attack one of the toughest technical challenges in dry coating – successfully manufacturing LFP electrodes. Once achieved at scale, it will be enormously valuable to the industry.”
Anaphite said the latest funding will help position its technology for adoption by battery cell makers and electric vehicle manufacturers seeking to lower costs and emissions as battery demand continues to grow.
