British battery technology company Nyobolt has secured $30 million in new funding to accelerate the deployment of its ultra-fast-charging battery systems, particularly in sectors such as autonomous warehouse robotics and heavy-duty vehicles, with plans to expand into mainstream electric vehicles.
The funding round was led by venture capital firms IQ Capital and Latitude, and included participation from Scania Invest, the investment arm of Scania, the truckmaking division of Volkswagen. With this latest investment, Nyobolt’s total capital raised now stands at $100 million.
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Based in Cambridge, Nyobolt has concentrated much of its development on energy storage systems used in high-intensity environments, such as autonomous e-commerce warehouse robots that operate continuously with minimal downtime. Chief Executive Sai Shivareddy told Reuters that this niche has allowed the company to grow with limited competition.
The firm has also made advancements in electric vehicle charging speeds. In a test conducted last year, Nyobolt demonstrated the ability to charge an electric vehicle battery from 10% to 80% in under five minutes. Its proprietary battery technology uses a graphite anode, which supports rapid charging and high energy density. Over the past year, the company has engaged in discussions with eight major automotive manufacturers regarding integration of its technology into future EV platforms.
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Shivareddy said that while Nyobolt does not intend to manufacture battery cells at scale, it plans to license its technology to established battery producers, aiming to facilitate broader market adoption.