British battery startup Nyobolt has cautioned that it may run out of funds by March unless it secures additional investment. The University of Cambridge spin-off, which raised £50 million in 2022, is seeking fresh financing to stabilize its financial position.
Nyobolt gained attention in 2023 for its ultra-fast charging batteries, capable of charging an EV battery from 10% to 80% in just 4:39 minutes using a 350 kW charger. The demonstration involved a relatively small 35 kWh battery, providing a driving range of 155 miles (250 kilometers). Despite this innovation, the company reported a £20 million loss on revenues of £67,000 in 2023, reflecting challenges in scaling its technology commercially.
Nyobolt claims its financial outlook has improved since 2023. A company spokesperson stated, “The accounts quoted date back to 2023 and are not reflective of how far we have come and our position today.” In 2024, Nyobolt reportedly generated revenues from customers and secured contracts worth over $120 million (£97 million). The company also plans to announce further deals in early 2025.
The startup remains optimistic about its fundraising efforts. “We continue to raise funds with both current and strategic investors, with the next round closing imminently, which will see us through 2025 and into profitability,” the spokesperson added.
Nyobolt’s initial funding round in 2022 supported its development ambitions, but the startup has faced hurdles in converting technological advancements into sustained growth. Analysts highlight that ultra-fast charging technology has significant potential, but scaling production and building partnerships with automakers remain critical for Nyobolt’s long-term success.
The company has expressed confidence in its trajectory, with plans to achieve profitability by leveraging existing contracts and securing additional strategic investment.
